A Business Pays Weekly Salaries of $30,000 on Friday for a Five-Day

question 37

Multiple Choice

A business pays weekly salaries of $30,000 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 Thursday is

• A) debit Salaries and Wages Payable, $24,000; credit Cash, $24,000.
• B) debit Salaries and Wages Expense, $24,000; credit Cash, $24,000.
• C) debit Salaries and Wages Expense, $24,000; credit Salaries and Wages Payable, $24,000.
• D) debit Salaries and Wages Expense, $6,000; credit Salaries and Wages Payable, $6,000.

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Definitions:

Regulatory Body

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Officials appointed to the Federal Communications Commission, responsible for regulating interstate and international communications in the U.S.

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Forms of media that distribute audio or visual content to a wide audience via television, radio, or other transmission devices.

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The radio frequency spectrum that is considered public property and is regulated by government agencies to ensure it is used in the public interest.