Salary expense is $1,175 per day, Monday through Friday, and the business pays employees each Friday. If December 31 falls on a Wednesday, the amount of the adjusting entry to record accrued salaries would be:
A)$3,525.
B)$1,175.
C)$2,350.
D)$5,875.

Question

Quizplus · Accepted Answer

The adjusting entry for accrued salaries on December 31, which is a Wednesday, would cover three days (Monday, Tuesday, and Wednesday). Therefore, the calculation is $1,175 per day multiplied by 3 days, totaling $3,525.

Salary Expense Is $1,175 Per Day, Monday Through Friday, and the Business