Please also provide step by step explanation/ working thank you Live Wire Hot Rod Shop follows the revenue recognition principle. Live Wire services a car on July 31. The customer picks up the vehicle on August 1 and mails the payment to Live Wire on August 5. Live Wire receives the check in the mail on August 6. When should Live Wire recognize that the revenue? a. August 1 b. July 31 c. August 5 d. August 6 A business pays weekly salaries of $25,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday is a. debit Salaries and Wages Payable, $20,000; credit Cash, $20,000. b. debit Salaries and Wages Expense, $20,000; credit Salaries and Wages Payable, $20,000. c. debit Salaries and Wages Expense, $20,000; credit Cash, $20,000. d. debit Salaries and Wages Expense, $5,000; credit Salaries and Wages Payable, $5,000.