The end of the financial year for Reynolds Ltd is 31 December. At that date, ... The end of the financial year for Reynolds Ltd is 31 December. At that date, salaries and wages expenses of $580 000 is closed to the profit and loss summary account. This balance includes $550 000 for salaries and wages paid in cash during the year and accrued wages at the end of the year of $30 000. Reynolds Ltd records a reversing entry for the accrued wages on 1 January. The first payment to employees for salaries and wages in the new financial year is $35 000. This payment would be recorded as: Select one: a. DR Salaries and wages expense $5 000, CR Bank $5 000 O b. DR Salaries and wages expense $35 000, DR Accrued salaries and wages $30 000, CR Bank $65 000 OC. DR Salaries and wages expense $35 000, CR Bank $35 000 d. DR Accrued Salaries and wages $30 000, CR Bank $30 000