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    Dell's Avatar
    Dell Posts: 20, Reputation: 1
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    #1

    Feb 18, 2006, 07:01 PM
    Salary Question
    A business enterprise pays weekly salaries of $20,000 every Friday for the five-day week ending on that day. If the fiscal period happens on a Thursday, an adjusting entry would be necessary. This adjusting entry would consist of?

    A- Debit Salaries Expense, $4000 & Credit Salaries Payable, $4000
    B- Debit Salaries Expense, $16,000 & Credit Salaries Payable, $16,000
    C- Debit Salaries Payable, $4,000 & Credit Salaries Expense, $4,000
    D- Debit Salaries Payable, $16,000 & Credit Salaries Expense, $16,000

    Help,

    Dell
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 18, 2006, 07:33 PM
    B- Debit Salaries Expense, $16,000 & Credit Salaries Payable, $16,000

    Because you have incurred 4 days (20,000 x 4/5) of labour that you must account for.
    Dell's Avatar
    Dell Posts: 20, Reputation: 1
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    #3

    Feb 18, 2006, 07:53 PM
    Thank you.

    Dell

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