Your company contracted for a 30-second commercial (an advertisement) that aired during the Super Bowl at a of $1.2 million. The company is legally obligated to pay for the commercial, but has not yet done so. How is you company's balance sheet affected on the day the commercial aired? It increases both assets and liabilities by $1.2 million. It increases assets and decreases stockholders' equity by $1.2 million each. It does not affect the balance sheet. It increases liabilities and decreases stockholders' equity by $1.2 million each. The employees of Pinnacle, Incorporated worked during July but are not paid their wages totaling $ August. Which of the following best indicates how to account for this transaction in July? No journal entry needs to be made because payment has not yet been made. A journal entry with a debit to Salaries and Wages Expense and a credit to Deferred Expense for $800 should A journal entry with a debit to Salaries and Wages Payable and a credit to Salaries and Wages Expense for $80 recorded. A journal entry with a debit to Salaries and Wages Expense and a credit to Salaries and Wages Payable for $80 recorded