Morris Company has a daily payroll of $300 and employees are paid at the end of each week for work done that week (five-day work week). December 31 falls on a Tuesday and the week's wages will be paid on January 3. Assuming the company uses the accrual basis, what would be the adjusting entry on December 31? O Debit Salaries Payable for $600 and credit Salaries Expense for $600 O Debit Salaries Payable for $600 and credit Salaries Expense for $600 O Debit Salaries Payable for $300 and credit Salaries Expense for $300 O Debit Salaries Payable for $300 and credit Salaries Expense for $300
Morris Company has a daily payroll of $300 and employees are paid at the end of each week for work done that week (five-day work week). December 31 falls on a Tuesday and the week's wages will be paid on January 3. Assuming the company uses the accrual basis, what would be the adjusting entry on December 31? O Debit Salaries Payable for $600 and credit Salaries Expense for $600 O Debit Salaries Payable for $600 and credit Salaries Expense for $600 O Debit Salaries Payable for $300 and credit Salaries Expense for $300 O Debit Salaries Payable for $300 and credit Salaries Expense for $300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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