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9 00:42:32 Alex Company has 10 employees, who earn a total of $2,050 in salaries each working day. They are paid on Monday for
9 00:42:32 Alex Company has 10 employees, who earn a total of $2,050 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: Multiple Choice Debit Salaries Expense, $4,100; credit Accruals. $4,100. Debit Salaries Expense, $6,150, credit Accruals, $6.150. Debit Prepayments, $6,150, credit Salaries Expense, $6,150
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