Sanborn Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, 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, $5,800; credit Salaries Payable, $5,800. Debit Salaries Expense, $8,700; credit Cash, $8,700. Debit Salaries Expense, $8,700; credit Salaries Payable, $8,700. Debit Salaries Payable, $8,700; credit Salaries Expense, $8,700. Debit Salaries Expense, $14,500; credit Salaries Payable, $14,500.

Sanborn Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, 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, $5,800; credit Salaries Payable, $5,800. Debit Salaries Expense, $8,700; credit Cash, $8,700. Debit Salaries Expense, $8,700; credit Salaries Payable, $8,700. Debit Salaries Payable, $8,700; credit Salaries Expense, $8,700. Debit Salaries Expense, $14,500; credit Salaries Payable, $14,500.

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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