KTM Industries pays weekly salaries of $35,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Wednesday is
debit Salary Expense, $21,000; credit Salaries Payable, $21,000
debit Salaries Payable, $21,000; credit Cash, $21,000
debit Salary Expense, $14,000; credit Dividends. $14,000
debit Dividends. $14,000: credit Cash, $14,000
Accrued salaries expenses on Wednesday = $35000*3 days / 5 days
= $21,000
Date | Accounts | Debit | Credit |
Salary expense | $21000 | ||
Salaries payable | $21000 | ||
Option a. is correct answer.
KTM Industries pays weekly salaries of $35,000 on Friday for a five-day week ending on that day.
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