Salaries are $5,000 per week for five working days and are paid weekly at the en

Question

Salaries are $5,000 per week for five working days and are paid weekly at the end of the day Fridays. The end of the month falls on a Thursday. The accountant for Dayton Company made the appropriate accrual adjustment and posted it to the ledger. The balance of Salaries Payable, as shown on the adjusted trial balance, will be a .. (Assume that there was no beginning balance in the Salaries Payable account.) OA. debit balance of $4,000 O B. debit balance of $1,000 OC. credit balance of $1,000 OD. credit balance of $4,000

Explanation / Answer

At the end of the month, which falls on Thrusday, the accountant will accrue the salaries for 4 days of the week and will record the following journal entry

Salaries Dr. $4000

Salaries payable Cr. $4000

Thus the correct option is D. credit balance of $4000

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