Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

A) credit balance of $15,000
B) debit balance of $37,500
C) debit balance of $15,000
D) credit balance of $7,500

Salaries Expense

The total amount paid to employees for services rendered over a specific period, recorded as an expense in financial accounting.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.

Debit Balance

Refers to the balance that remains in a financial account when the total debits exceed the total credits.