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 ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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