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

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Accounting

Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $14,400 of unpaid and unrecorded salaries. The next payday is January 3, at which time $36,000 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.& 01:09:52Multiple ChoiceDebit Salaries expense $14,400; debit Salaries payable $21,600; credit Cash $36,000.Debit Salaries payable $36,000; credit Cash $36,000.Debit Salaries expense $36,000; credit Cash $36,000.Debit Salaries expense $21,600, debit Salaries payable $14,400; credit Cash $36,000.Debit Salaries expense $21,600; credit Cash $21,600.

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