At December 31, 2024, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On
Question:
At December 31, 2024, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2025, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for January salaries.
(a) Prepare the December 31 adjusting entry.
(b) Prepare the December 31 closing entry for salaries.
(c) Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries.
(d) Indicate the balances in Salaries Payable and Salaries Expense after posting these entries.
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d a Dec 31 Salaries Expense Salaries Payable To accrue salar...View the full answer
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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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