Reference no: EM13864272
Sanborn Company has 10 employees, who earn a total of $2,200 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
A. Debit Salaries Expense, $6,600; credit Salaries Payable, $6,600.
B. Debit Salaries Expense, $4,400; credit Salaries Payable, $4,400.
C. Debit Salaries Expense, $11,000; credit Salaries Payable, $11,000.
D. Debit Salaries Payable, $6,600; credit Salaries Expense, $6,600.
E. Debit Salaries Expense, $6,600; credit Cash, $6,600.
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