A Business Pays Weekly Salaries of $20,000 on Friday for a Five-Day

Multiple Choice

A business pays weekly salaries of $20,000 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 Payable, $16,000; credit Cash, $16,000.
B) debit Salaries Expense, $16,000; credit Cash, $16,000.
C) debit Salaries Expense, $16,000; credit Salaries Payable, $16,000.
D) debit Salaries Expense, $4,000; credit Salaries Payable, $4,000.