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A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and ending each Friday

Finance

A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 26. What adjustment is needed on December 31, the last day of the company's fiscal period?

a. No adjustment is necessary since the next payday will not occur until the following year.

b. Decrease cash by $48,000.

c. Increase wages expense by $48,000.

d. Decrease wages payable by $48,000.
 

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