At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000

At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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