On December 31, a Sahly INC. made an adjusting entry to accrue salaries and wages...
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Accounting
On December 31, a Sahly INC. made an adjusting entry to accrue salaries and wages expenses of $5000. This balance sheet accurately reported the $5000 as a current liability for December 31. Sahly INC's accountant uses reversing entries to avoid having to account for the payroll liabilities in the subsequent period. The amount of the payroll for the first payday on January 7 was $15,000. What is the Entry to record the payroll expense and payment on Jan 7? Select one:
a. Debit Salaries Payable 5000 Credit Salaries Expense 5000
b. Debit Salaries Payable 5000, Debit Expenses 10,000, Credit Cash 15000
c. Debit Salaries Expense 15000 Credit Cash 15000
d. Debit Salaries Expense 5000 and Credit Salaries Payable 5000
e. Debit Salaries Payable 5000 Credit Cash 5000
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