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Many companies will incur expenses in the current accounting period but not pay cash for these expenses until a later period. Which of the following
Many companies will incur expenses in the current accounting period but not pay cash for these expenses until a later period. Which of the following is the correct adjusting entry to record the $2,000 payroll expense for the last week of November for Tall Manufacturing Company? The payroll will NOT be paid until the first week of December. O a. Debit Salaries Expense $2,000; credit Cash $2,000 b. Debit Salaries Expense $2,000; credit Salaries Payable $2,000 c. Debit Salaries Expense $2,000; credit Retained Earnings $2,000 d. Debit Salaries Expense $2,000; credit Accounts Payable $2,000
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