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?

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