On July 15, Year 1, Southeastern University hired an associate professor for its Math Department at an annual (12-month) salary of $ 150,000. The salary is effective for its new school year, which commences August 16, and is payable in four quarterly calendar installments. Assuming that the university records journal entries on a monthly basis, what is the adjusting journal entry (if any) for August 31, Year 1?

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a. Salaries Expense b. Salaries Payable c. Salaries Expense d. No journal entry necessary 6,250 Accrued Salaries Payable 6,250 6,250 Cash 6,250 12,500 Accrued Salaries Payable 12,500