Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
The adjusting Entry necessary at the end of the fiscal period ending on Thursday is:?
A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting Entry necessary at the end of the fiscal period ending on Thursday is:
a. debit salaries Payable, $16,000; credit Cash, $16,000
b. debit salaries Expense, $16,000; credit Cash, $16,000
c. debit salaries Expense, $16,000; credit Salaries Payable, $16,000
d. debit salaries Expense, $16,000; credit Accounts Payable, $16,000
3 Answers
- SandyLv 71 decade agoFavorite Answer
On Thursday, you recognise a liability of 4 days' salaries,
c. debit salaries Expense, $16,000; credit Salaries Payable, $16,000
On Friday, when you pay the whole week's salary,
Dr Salaries expense $4,000
Dr Salaries payable $16,000
Cr Cash $20,000
- AnnaLv 41 decade ago
c.
On Thursday, you debit salaries payable $16000, Salaries expense 16,000,
In addition, on Friday, you debit salaries expense for $4000 , credit salaries payable for $4000.
This should clear out the accounts set up at the beginning of the week.
Source(s): Retired Accountant - Anonymous1 decade ago
answer : C
