Sanborn Company has 10 employees, who earn a total of $2,500 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:Debit Salaries Expense, $12,500; credit Salaries Payable, $12,500.Debit Salaries Expense, $5,000; credit Salaries Payable, $5,000.Debit Salaries Payable, $7,500; credit Salaries Expense, $7,500.Debit Salaries Expense, $7,500; credit Salaries Payable, $7,500.Debit Salaries Expense, $7,500; credit Cash, $7,500.
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