A business enterprise pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscalperiod ending on Wednesday is:a. Debit Drawing, $12,000; credit Cash, $12,000Ob. Debit Salaries Expense, $20,000; credit Salaries Payable, $20,000c. Debit Salaries Payable, $12,000, Credit Cash, S12,000Od. Debit Salaries Expense, S12,000; Credit Salaries Payable, S12,000

Solution: Adjusting entries are those entries which are made to match the revenues and expenses to…

Dusiness enterprise pays weekly salaries of $20,000 on Friday for a five-day week riod ending on Wednesday is: a. Debit Drawing, $12,000; credit Cash, $12,000 b. Debit Salaries Expense, $20,000; credit Salaries Payable, $20,000 c. Debit Salaries Payable, $12,000, Credit Cash, S12,000 d. Debit Salaries Expense, S12,000; Credit Salaries Payable, $12,000

Dusiness enterprise pays weekly salaries of $20,000 on Friday for a five-day week riod ending on Wednesday is: a. Debit Drawing, $12,000; credit Cash, $12,000 b. Debit Salaries Expense, $20,000; credit Salaries Payable, $20,000 c. Debit Salaries Payable, $12,000, Credit Cash, S12,000 d. Debit Salaries Expense, S12,000; Credit Salaries Payable, $12,000

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

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