Question
E3-13 Laguna Realty Co. pays weekly salaries of $8,000 on Friday for a five-day week ending on that day. What is the adjustment at the
E3-13
Laguna Realty Co. pays weekly salaries of $8,000 on Friday for a five-day week ending on that day.
What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Monday [ Select ] ["Salaries Expense Decrease $1,600 / Cash Decrease $1,600", "Salaries Expense Increase $1,600 / Salaries Payable Increase $1,600", "Salaries Expense Increase $8,000 / Salaries Payable Increase $8,000", "Salaries Expense Increase $6,400 / Salaries Payable Increase $6,400"] or (b) on Wednesday [ Select ] ["Salaries Expense Increase $4,800 / Cash Decrease $4,800", "Salaries Expense Increase $8,000 / Salaries Payable Increase $8,000", "Salaries Expense Increase $4,800 / Salaries Payable Increase $4,800", "Salaries Expense Increase $3,200 / Salaries Payable Increase $3,200"] ?
Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
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