Marigold Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $52440. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $27860 had been accrued at year end on December 31 . The correcting entry is Cast 24580 Salaries and Wages Expense 24580 Salaries and Wages Payable 27860 Cast !7860 Cash 27860 Salaries and Wages Expense 27860 Salaries and Wages Payable 27860 Salaries and Wages Expense 27860 Marigold Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $52440. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $27860 had been accrued at year end on December 31 . The correcting entry is Cast 24580 Salaries and Wages Expense 24580 Salaries and Wages Payable 27860 Cast !7860 Cash 27860 Salaries and Wages Expense 27860 Salaries and Wages Payable 27860 Salaries and Wages Expense 27860