A company's five-day weekly payroll of $510 is paid on Fridays. Assume that the last day of the month falls on a Wednesday. Which of the following is the required adjusting entry?
Debit Salaries Payable $306 and credit Salaries Expense $306
Debit Salaries Expense $306 and credit Salaries Payable $306
Debit Unpaid Salaries $306 and credit Salaries Payable $306
Debit Salaries Expense $204 and credit Salaries Payable $204