Adjusting entry necessary at the end of the fiscal period

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Reference no: EM13747110

A business pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday is

debit Salaries and Wages Expense, $24,000; credit Salaries and Wages Payable, $24,000.

debit Salaries and Wages Expense, $6,000; credit Salaries and Wages Payable, $6,000.

debit Salaries and Wages Payable, $24,000; credit Cash, $24,000.

debit Salaries and Wages Expense, $24,000; credit Cash, $24,000.

Reference no: EM13747110

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