Chase Company Has 10 Employees,who Earn a Total of $1,800

Multiple Choice

Chase Company has 10 employees,who earn a total of $1,800 in salaries each working day.They are paid on Monday for the five-day workweek ending on the previous Friday.Assume that year ended on December 31,which is a Wednesday,and all employees will be paid salaries for five full days on the following Monday.The adjusting entry needed on December 31 is:

A) Debit Salaries Expense,$5,400; credit Salaries Payable,$5,400.
B) Debit Salaries Expense,$3,600; credit Salaries Payable,$3,600.
C) Debit Salaries Expense,$9,000; credit Salaries Payable,$9,000.
D) Debit Salaries Payable,$5,400; credit Salaries Expense,$5,400.
E) Debit Salaries Expense,$5,400; credit Cash,$5,400.