Buster Industries pays weekly salaries of $39,350 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is O a. debit Salary Expense, $15,740; credit Dividends, $15,740 Ob. debit Salary Expense, $15,740; credit Salaries Payable, $15,740 Oc. debit Salaries Payable, S15,740; credit Cash, $15,740 Od. debit Dividends, S15,740; credit Cash, S15,740

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Buster Industries pays weekly salaries of $39,350 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is
O a. debit Salary Expense, S15,740; credit Dividends, $15,740
Ob. debit Salary Expense, $15,740; credit Salaries Payable, $15,740
Oc. debit Salaries Payable, $15,740; credit Cash, S15,740
Od. debit Dividends, $15,740; credit Cash, S15,740
Transcribed Image Text:Buster Industries pays weekly salaries of $39,350 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is O a. debit Salary Expense, S15,740; credit Dividends, $15,740 Ob. debit Salary Expense, $15,740; credit Salaries Payable, $15,740 Oc. debit Salaries Payable, $15,740; credit Cash, S15,740 Od. debit Dividends, $15,740; credit Cash, S15,740
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