Assume that the weekly payroll of A Inc. is $5,000. Employees work five days a week, Monday through Friday. December 31, the end of the year falls on Wednesday, but the company won'tpay employees for the full week until its usual payday, Friday. What adjusting entry will A Inc., make on Wednesday, December 31?AccountsDr.Cr.O Salaries Expense $5,000Salaries Payable$5,000AccountsDr.Salaries Expense $5,000CashCr.$5,000AccountsDr.Cr.Salaries Payable $5,000Salaries Expense$5,000AccountsDr.Cr.Salaries Expense$5,000Accumulated Salarles$5,000

Since salary will be paid on Friday therefore, liability is recorded as salary payable. As for the…

Answered: Assume that the weekly payroll of A…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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