Flagg Records Adjusting Entries at Its December 31 Year-End

question 1

Multiple Choice

Flagg records adjusting entries at its December 31 year-end.At December 31,employees had earned $12,000 of unpaid and unrecorded salaries.The next payday is January 3,at which time $30,000 will be paid.Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.

• A)Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000.
• B)Debit Salaries expense $30,000; credit Cash $30,000.
• C)Debit Salaries payable $30,000; credit Cash $30,000.
• D)Debit Salaries expense $18,000,debit Salaries payable $12,000; credit Cash $30,000.
• E)Debit Salaries expense $18,000; credit Cash $18,000.

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