Tel Cosmetics Company pays weekly salaries of 40,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Monday is: Select one: a. Debit Dividends, $8,000; Credit Cash, $8,000 b. Debit Salary Expense, $8,000; Credit Dividends, $8,000 c. Debit Salary Expense, $8,000; Credit Salaries Payable, $8,000 d. Debit Salaries Payable, $8,000; Credit Cash, $8,000

Tel Cosmetics Company pays weekly salaries of 40,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Monday is: Select one: a. Debit Dividends, $8,000; Credit Cash, $8,000 b. Debit Salary Expense, $8,000; Credit Dividends, $8,000 c. Debit Salary Expense, $8,000; Credit Salaries Payable, $8,000 d. Debit Salaries Payable, $8,000; Credit Cash, $8,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 45BE

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