A Business Pays Weekly Salaries of $35000 on Friday for a Five-Day

question 173

Multiple Choice

A business pays weekly salaries of $35000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Wednesday is

• A) debit Salaries and Wages Payable $21000; credit Cash $21000.
• B) debit Salaries and Wages Expense $21000; credit Cash $21000.
• C) debit Salaries and Wages Expense $21000; credit Salaries and Wages Payable $21000.
• D) debit Salaries and Wages Expense $14000; credit Salaries and Wages Payable $14000.

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Definitions:

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A formal set of written questions required to be answered under oath, used as a part of discovery process in litigation.

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