Question

A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Debit Unpaid Salaries $1,440 and credit Salaries Payable $1,440. Debit Salaries Expense $960 and credit Salaries Payable $960. Debit Salaries Expense $1,440 and credit Salaries Payable $1,440. Debit Salaries Payable $960 and credit Salaries Expense $960. Debit Salaries Expense $960 and credit Cash $960.

          A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:  Debit Unpaid Salaries $1,440 and credit Salaries Payable $1,440.
Debit Salaries Expense $960 and credit Salaries Payable $960.
Debit Salaries Expense $1,440 and credit Salaries Payable $1,440.
Debit Salaries Payable $960 and credit Salaries Expense $960.
Debit Salaries Expense $960 and credit Cash $960.

Added by Joe P.

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