The Buttery Margarine Company pays its employees every second Friday throughout the year. On December 31, they accrued $733,000 in salaries payable as part of their year-end adjusting entries. The salaries owing for the next five days, until actual payday totaled $407,000. The journal entry to record the payment of salaries on this first payday of the year would MOST likely include O a debit to Salaries Payable for $1,140,000. O a debit to Cash for $407,000. O a debit to Salaries Expense for $407,000. a credit to Saries Payable for $733,000.

The Buttery Margarine Company pays its employees every second Friday throughout the year. On December 31, they accrued $733,000 in salaries payable as part of their year-end adjusting entries. The salaries owing for the next five days, until actual payday totaled $407,000. The journal entry to record the payment of salaries on this first payday of the year would MOST likely include O a debit to Salaries Payable for $1,140,000. O a debit to Cash for $407,000. O a debit to Salaries Expense for $407,000. a credit to Saries Payable for $733,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7EB: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on...

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