Question
Buster Industries pays weekly salaries of $42,150 on Friday for a five-day workweek ending on that day. The adjusting entry necessary at the end of
-
Buster Industries pays weekly salaries of $42,150 on Friday for a five-day workweek ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is
a.debit Salary Expense, $16,860; credit Dividends, $16,860
b.debit Salaries Payable, $16,860; credit Cash, $16,860
c.debit Salary Expense, $16,860; credit Salaries Payable, $16,860
d.debit Dividends, $16,860; credit Cash, $16,860
Buster Industries pays weekly salaries of $42,150 on Friday for a five-day workweek ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is
a.debit Salary Expense, $16,860; credit Dividends, $16,860
b.debit Salaries Payable, $16,860; credit Cash, $16,860
c.debit Salary Expense, $16,860; credit Salaries Payable, $16,860
d.debit Dividends, $16,860; credit Cash, $16,860
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
17th edition
1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668
