What happens to the balance sheet when a company pays salaries of $5,000?*
$5,000 credit in cash; $5,000 debit in accounts payable
$5,000 credit in cash; $5,000 debit in retained earnings
$5,000 debit in cash; $5,000 credit in retained earnings
$5,000 credit in cash; $5,000 debit in accounts receivable

What happens to the balance sheet when a company makes sales of $500, of which $300 is paid in cash and $200 is sold on credit?
$300 debit in cash; $200 debit in accounts receivable; $500 credit in retained earnings
$300 credit in cash; $200 credit in accounts receivable; $500 debit in retained earnings
$300 debit in cash; $200 debit in accounts payable; $500 credit in retained earnings
$300 credit in cash; $200 credit in accounts payable; $500 debit in retained earnings