Assume that the weekly payroll of ASR, Inc., is $4,500. Employees work five days per week, Monday through Friday. December 31, the end of the year, falls on Wednesday, but the company won’t pay employees for the full week until its usual payday, Friday.

What adjusting entry will ASR, Inc., make on Wednesday, December 31?AppendixLO1

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DATE ACCOUNTS a. Salaries Payable Salaries Expense POST REF. DR. CR. 2,700 2,700 b. Salaries Expense 2,700 Accumulated Salaries 2,700 C. Salaries Expense 2,700 Cash 2,700 d. Salaries Expense 2,700 Salaries Payable 2,700