Assume that the weekly payroll of In the Woods Camping Supplies is $300. 1 answer below »

Assume that the weekly payroll of In the Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What adjusting entry will In the Woods make on Tuesday, December 31? (Use five days as a full work week.)

a.

Salary expense

120

Salary payable

120

b.

Salary payable

300

Salary expense

300

c.

Salary expense

180

Cash

180

d. No adjustment is needed because the company will pay the payroll on Friday.

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