Reference no: EM132969551
Problem 1: A company has a weekly payroll of $31,000 which is paid each Friday (a five-day work week, Monday to Friday). November 30 falls on a Wednesday. What is the correct adjusting journal entry?
Select one:
a. Debit salaries payable, $31,000, Credit cash, $31,000.
b. Debit salaries expense, $18,600, Credit salaries payable, $18,600.
c. Debit salaries expense, $6,200, Credit salaries payable, $6,200.
d. Debit salaries payable, $31,000, Credit cash, $31,000.
e. Debit salaries expense, $12,400, Credit salaries payable, $12,400.
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