Sanborn Company has 10 employees, who earn a total of $1,900...
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Accounting
Sanborn Company has 10 employees, who earn a total of $1,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: O Debit Salarles Expense, $5,700, credit Salarles Payable, $5,700. O O O O Debit Salarles Expense, $3,800, credit Salarles Payable, $3,800. Debit Salarles Expense, $9,500, credit Salarles Payable, $9,500. Debit Salarles Payable, $5,700; credit Salarles Expense, $5,700. Debit Salaries Expense, $5,700; credit Cash, $5,700
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