Chase Company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid on Monday for the five-day work week ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Multiple Choice Debit Salaries Expense, $10,000; credit Salaries Payable, $10,000. Debit Salaries Expense, $4,000; credit Salaries Payable, $4,000. Debit Salaries Expense, $6,000; credit Cash, $6,000. Debit Salaries Payable, $6,000; credit Salaries Expense, $6,000. Debit Salaries Expense, $6,000; credit Salaries Payable, $6,000.
Chase Company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid on Monday for the five-day work week ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Multiple Choice Debit Salaries Expense, $10,000; credit Salaries Payable, $10,000. Debit Salaries Expense, $4,000; credit Salaries Payable, $4,000. Debit Salaries Expense, $6,000; credit Cash, $6,000. Debit Salaries Payable, $6,000; credit Salaries Expense, $6,000. Debit Salaries Expense, $6,000; credit Salaries Payable, $6,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Chase Company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid on Monday for the five-day work week ending on
the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the
following Monday. The adjusting entry needed on December 31 is:
Multiple Choice
Debit Salaries Expense, $10,000; credit Salaries Payable, $10,000.
Debit Salaries Expense, $4,000; credit Salaries Payable, $4,000.
Debit Salaries Expense, $6,000; credit Cash, $6,000.
Debit Salaries Payable, $6,000; credit Salaries Expense, $6,000.
Debit Salaries Expense, $6,000; credit Salaries Payable, $6,000.
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