Question
Giant Toy Trucks Inc. pays their employees every 14 days (bi-weekly). Giant Toy Trucks Inc. employs 14 employees who each earn $160 per day. The
Giant Toy Trucks Inc. pays their employees every 14 days (bi-weekly). Giant Toy Trucks Inc. employs 14 employees who each earn $160 per day. The last pay period for which employees were paid was December 10th-December 23rd, year 3. Ignoring income tax withholdings and other accruals, the adjusting entry for Salaries payable for the year ended December 31, year 3 would be:
Select one:
a.
Dr Salaries Expense 1,280 / Cr Salaries Payable 1,280
b.
Dr Salaries Expense 31,360 / Cr Salaries Payable 31,360
c.
Dr Salaries Expense 17,920 / Cr Salaries Payable 17,920
d.
Dr Salaries Expense 31,360 / Cr Cash 31,360
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