Sanborn Company Has 10 Employees, Who Earn

Sanborn Company has 10 employees, who earn a total of $2,500 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Debit Salaries Expense, $12,500, credit Salaries Payable, $12,500. Debit Salaries Expense, $5,000, credit Salaries Payable, $5,000. Debit Salaries Payable, $7,500, credit Salaries Expense, $7,500. Debit Salaries Expense, $7,500, credit Salaries Payable, $7,500. Debit Salaries Expense, $7,500, credit Cash, $7,500.

Order Now