Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $10,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $25,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries expense $25,000; credit Cash $25,000.
B. Debit Salaries payable $25,000; credit Cash $25,000.
C. Debit Salaries expense $10,000; debit Salaries payable $15,000; credit Cash $25,000.
D. Debit Salaries expense $15,000, debit Salaries payable $10,000; credit Cash $25,000.
E. Debit Salaries expense $15,000; credit Cash $15,000.
Answer: A
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