question 16 (4 points)\nlisten\nthe abc companys employees earn $15,000 for each five - day workweek ending…

question 16 (4 points)\nlisten\nthe abc companys employees earn $15,000 for each five - day workweek ending every friday. if the fiscal year ends on a tuesday, what adjusting entry should be recorded?\ndebit salary expense $15,000 and credit salaries payable $15,000.\ndebit salary expense $6,000 and credit salaries payable $6,000.\ndebit salary expense $9,000 and credit salaries payable $9,000.\ndebit salaries payable $10,000 and credit salary expense $10,000.\nnone of the above.

question 16 (4 points)\nlisten\nthe abc companys employees earn $15,000 for each five - day workweek ending every friday. if the fiscal year ends on a tuesday, what adjusting entry should be recorded?\ndebit salary expense $15,000 and credit salaries payable $15,000.\ndebit salary expense $6,000 and credit salaries payable $6,000.\ndebit salary expense $9,000 and credit salaries payable $9,000.\ndebit salaries payable $10,000 and credit salary expense $10,000.\nnone of the above.

Answer

Answer:

B. Debit Salary Expense $6,000 and Credit Salaries Payable $6,000.

Explanation:

Step1: Calculate daily salary

The weekly salary is $15,000 for 5 - day workweek. So, the daily salary is $15000\div5 = 3000$.

Step2: Calculate salary for 2 days

The fiscal year ends on a Tuesday. So, the number of days to accrue is 2. The accrued salary is $3000\times2=6000$.

Step3: Record the adjusting entry

We need to debit Salary Expense (to recognize the expense) and credit Salaries Payable (to recognize the liability). So, the entry is Debit Salary Expense $6,000 and Credit Salaries Payable $6,000.