Homework Help: Accounting

Posted by Carrie on Thursday, November 29, 2007 at 10:21pm.

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 Thursday is:

debit Salaries Payable, $16,000; credit Cash, $16,000

debit Salary Expense, $16,000; credit Drawing, $16,000

debit Salary Expense, $16,000; credit Salaries Payable, $16,000

debit Drawing, $16,000; credit Cash, $16,000

Now i am only seeing if i am getting this right

I am thinking the answer is:

debit Salary Expense, $16,000; credit Salaries Payable, $16,000

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