Business, 22.05.2020 03:12 angie249

Flagg, inc. records adjusting entries at its december 31 year end. at december 31, employees had earned $12,000 of unpaid and unrecorded salaries. the next payday is january 3, at which time $30,000 will be paid. prepare the january 1 journal entry to reverse the effect of the december 31 salary expense accrual.

a. debit salaries expense $12,000; credit salaries payable $12,000.

b. debit salaries expense $18,000; debit salaries payable $12,000; credit cash $30,000.

c. debit salaries payable $18,000; credit cash $18,000.

d. debit salaries payable $12,000; credit salaries expense $12,000.

e. debit salaries expense $18,000; credit salaries payable $18,000.

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