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8 March, 07:30

Buster Industries pays weekly salaries of $41,100 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:A) debit Salaries Payable, $16,440; credit Cash, $16,440. B) debit Dividends, $16,440; credit Cash, $16,440. C) debit Salary Expense, $16,440; credit Salaries Payable, $16,440. D) debit Salary Expense, $16,440; credit Dividends, $16,440.

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  1. 8 March, 07:46
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    C) debit Salary Expense, $16,440; credit Salaries Payable, $16,440

    Explanation:

    The adjusting entry is as follows

    Salaries expense Dr $16,440

    To Salaries payable $16,440

    (Being the salary expense is recorded)

    The computation is shown below:

    = $41,100 * 2 days : 5 days

    = $16,440

    While recording this we debited the salaries expense and credited the salary payable as it increased the expenses and liabilities account
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Home » Business » Buster Industries pays weekly salaries of $41,100 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:A) debit Salaries Payable, $16,440; credit Cash, $16,440.
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