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Which the adjusting entry necessary at the end of the fiscal

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Problem 1: Buster Industries 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 Tuesday is

Option 1: debit Salaries Payable, $12,000; credit Cash, $12,000
Option 2: debit Salary Expense, $12,000; credit Dividends, $12,000
Option 3: debit Salary Expense, $12,000; credit Salaries Payable, $12,000
Option 4: debit Dividends, $12,000; credit Cash, $12,000

Reference no: EM132984902

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