Keller Industries started business part way through the current year and prepares annual financial statements....
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Accounting
Keller Industries started business part way through the current year and prepares annual financial statements. Keller Industries currently pays $10,000 of salaries (wages) per week for a 5-day work week from Monday through Friday. Keller pays the employees on each Friday for that week's work. Assume December 31 of the current year falls on Thursday. Keller's unadjusted balance in Salary Expense is $300,000. After the appropriate adjusting entry, what will be the balance in the Salaries Expense account?
a. $8,000 b. $308,000 c. $302,000 d. $310,000 e. $10,000
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