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 Accounts Payable $16,000.
D) debit Salaries Expense, $16,000; credit Salaries Payable $16,000.
Correct Answer:
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