Speedy Company's Weekly Payroll of $250 Is Paid on Fridays

question 92

Multiple Choice

Speedy Company's weekly payroll of $250 is paid on Fridays (five-day work week) .Assume that the last day of the month falls on Thursday.Which of the following is the required month-end adjusting entry?

• A) Increase Salaries Expense $200 and increase Salaries Payable $200
• B) Increase Salaries Expense $50 and increase Salaries Payable $50
• C) Increase Salaries Payable $200 and increase Cash $200
• D) Increase Salaries Expense $250 and increase Cash $250

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Definitions:

Retro-

A prefix meaning "backwards" or "behind," used in various contexts including medical terminology to denote location or time.

Backward

Denotes a movement or action directed towards the rear or in reverse.

Ante-

A prefix meaning before or preceding in time or order.

Before

Prior to a certain time or event.