Homework Answers
Option (d) is correct
Since the Salaries are related to current year, so they must be recorded as an expense of the current year. Also, as they will be paid next year, so a liability must also be created. Required adjusting entry on December 31 is:
| Date | Account titles | Debit | Credit |
| December 31 | Salaries expense | $5000 | |
| Salaries payable | $5000 |
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