During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has...
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Accounting
During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following? Can anyone figure this out? Explain why?
A. Debit to Salaries Expense for $32,000.
B. Credit to Salaries Expense of $8,000.
C. Debit to Salaries Payable for $24,000.
D. Credit to Salaries Payable for $8,000.
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