On December 31, 2016, $700 of salaries have been accrued. (Salaries before accrued amount totalled $29,000.) The

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On December 31, 2016, $700 of salaries have been accrued. (Salaries before accrued amount totalled $29,000.) The next payroll to be paid will be on February 3, 2017, for $7,500. Do the following:

a. Journalize and post the adjusting entry (use T accounts).

b. Journalize and post the reversing entry on January 1.

c. Journalize and post the payment of the payroll. Cash has a balance of $16,000 before the payment of payroll on February 3, 2017?

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College Accounting A Practical Approach

ISBN: 978-0133133233

12th Canadian edition

Authors: Jeffrey Slater, Brian Zwicker

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Question Posted: Jan 15, 2018 11:16 AM

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On December 31, 2016, $700 of salaries have been accrued. (Salaries before accrued amount totalled $29,000.) The

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2016 Dec 31 Salaries Expense Accrued Salaries Payable To record accrued salaries ...View the full answer

College Accounting A Practical Approach

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