What the closing entry after adjustments would be

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Problem 1: Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The closing entry (after adjustments) would be:

Option 1: debit Salaries Expense and credit Salaries Payable for $143,100.

Option 2: debit Salaries Payable and credit Salaries Expense for $3,100.

Option 3: debit Income Summary and credit Salaries Expense for $3,100.

Option 4: debit Income Summary and credit Salaries Expense for $143,100.

Option 5: None of these.

Reference no: EM132949150

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