Reference no: EM132787953

Porblem 1: A company shows a balance in Salaries Payable of $40,000 at the end of the month. On the next payday in the following month, the amount of $50,000 is to be paid. What will be the entry to record the payment of salaries on this payday?

Option a. Salaries Expense ...................... 50,000
Salaries Payable .................. 50,000

Option b. Salaries Expense ...................... 50,000
Cash .............................. 50,000

Option c. Salaries Expense ...................... 10,000
Cash .............................. 10,000

Option d. Salaries Expense ...................... 10,000
Salaries Payable .................. 40,000
Cash .............................. 50,000