Business, 25.04.2020 03:27 Shubbs

Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,400 of unpaid and unrecorded salaries. The next payday is January 3, at which time $31,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. Multiple Choice Debit Salaries expense $18,600, debit Salaries payable $12,400; credit Cash $31,000. Debit Salaries expense $18,600; credit Cash $18,600. Debit Salaries expense $12,400; debit Salaries payable $18,600; credit Cash $31,000. Debit Salaries payable $31,000; credit Cash $31,000. Debit Salaries expense $31,000; credit Cash $31,000.

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Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $1...

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