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 Tuesday is

A) debit Salaries Payable, $8,000; credit Cash, $8,000
B) debit Salary Expense, $8,000; credit Dividends, $8,000
C) debit Salary Expense, $8,000; credit Salaries Payable, $8,000
D) debit Dividends, $8,000; credit Cash, $8,000