2018
Dec 31 - Accrued salaries expense at december 31, $7,500
31 - Closed the salaries expense account
2019
Jan 1. Reversed the accrued salaries (req 3. only)
4 - Paid salaries $8,800. This payment includes the salaries payable amount, plus $1,300 for the first few days.
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The T-accounts have been opened for you. Enter the Salaries Payable and Salaries Expense unadjusted balances at December 31 2018.
Journalize the entries assuming Home Inspection Services does not use reversing entries. Do not record the reversing entry on Jan 11.
Journalize the entries assuming Home Inspection Services uses reversing entries. Do not forget to record the reversing entry on Jan 1. Post to the accounts. Compare the balances on January 4, 2019 with Requirement 2 balances on January 4, 2019
For closed salaries expense, I have tried: 7,500, 8800, 1300, 10100, but to no resolve. The other blocks are correct, just not the values.
possible choices to choose from
1. The T-accounts have been opened for you. Enter the Salaries Payable and Salaries Expense unadjusted balances at December 31, 2018 2. Journalize the entries assuming Home Inspection Services does not use reversing entries. Do not record the reversing entry on Jan. 1. Post to the accounts 3. Journalize the entries assuming Home Inspection Services uses reversing entries. Do not forget to record the reversing entry on Jan. 1. Post to the accounts. Compare the balances on January 4, 2019 with Requirement 2 balances on January 4, 2019. Print Done 2018 Dec 31 Accrued Salaries Expense at December 31, $7,500 31 Closed the Salaries Expense account 2019 Jan 1 Reversed the accrued salaries (Requirement 3 only) 4 Paid salaries of $8.800. This payment included the Salaries Payable amount, plus $1.300 for the first few days of January Dec 31: Accrued Salaries Expense at December 31. 57.500. Accounts and Explanation Date Debit Credit 2018 Dec. 31 7.500 Salaries Expense Salaries Payable 7,500 To accrue salaries expense. Dec. 31: Closed the Salaries Expense account. Date Accounts and Explanation Debit Credit 2018 Dec. 31 ) Income Summary (2) Salaries Expense (5) To close salaries expense. Jan. 4: Paid salaries of $8,800. This payment included the Salaries Payable amount, plus 51,300 for the first few days of January Accounts and Explanation Debit Credit Date 2019 Enter the unadjusted balances, post the entries to the accounts, calculating adjusted balances "Adj. Bal".post-closing balances "Bal", and balances after the January 4 transaction Sal." Enter the unadiusted balances ("Unadi. Bal.") of the accounts on the first line of each T-account. For any account with a zero unadjusted balance, enter a "0" on the normal side of the account. Post any adjusting entries (Adj.) to the accounts using the second line of the T-accounts, and then calculate the adjusted balance (Adj Bal.) of each account. For any temporary accounts only. post the closing entry (Clos.") on the same line as the adjusted balance, and then use the following line to show the account's post-closing balance ("Bal.). If an account has a zero balance after closing, select "Bal" and enter a "0" on the normal side of that account. Finally post the January 4 transaction ("Jan. 4") and compute the ending balance ("Bal") of each account after the January 4 transaction has been posted. Salaries Payable Salaries Expense 111) 12 |(13) (16) (17) (15) (19) 122 123) (26) (21) (25) (29) (31) (30) (32) Dec 31: Accrued Salaries Expense at December 31. 57.500. Accounts and Explanation Date Debit Credit 2018 Dec. 31 Debit Credit Dec. 31: Closed the Salaries Expense account. Date 1 Accounts and Explanation 2018 Dec. 31 140) (41) Debit Credit Jan. 1: Reversed the accrued salaries (Requirement 3 only) Date Accounts and Explanation 2019 Jan. 1 Jan. 4: Paid salaries of $8,800. This payment included the Salaries Payable amount, plus $1,300 for the first few days of January Date Accounts and Explanation Debit Credit 2019 Jan. 4 148) 140) 150) (51) 1-2) Enter the unadjusted balances, post the entries to the accounts, calculating adjusted balances "Adj. Bal.post-closing balances "Bal", and balances after the January 4 transaction "Bal". Enter the unadjusted balances ("Unadj. Bal.") of the accounts on the first line of each T-account. For any account with a zero unadjusted balance enter a "0" on the normal side of the account. Post any adjusting entries ("Adi.") to the accounts using the second line of the T-accounts, and then calculate the adjusted balance ("Adi. Bal.) of each account. For any temporary accounts only, post the closing entry (Clos.") on the same line as the adiusted balance, and then use the following line to show the account's post-closing balance (Bal.). If an account has a zero balance after closing, select "Bal" and enter a "0" on the normal side of that account. Finally, post the January 1 and 4 transactions using the dates as a posting reference and compute the ending balance ("Bal.) of each account after the transactions has been posted. Salaries Payable Salaries Expense (54) 156) 50) 158 (59 (53) (67) (01) (65) (60) (60) (64 662) (63) (67 (71) (70) 173 |(74) Compare the balances on January 4, 2019 with Requirement 2 balances on January 4, 2019 After all the journal entries are made, the balances are (75) regardless of whether or not reversing entries are made 1: More Info 000 To record payment of salaries To reverse the salaries adjusting entry. To accrue salaries expense. To close salaries expense. To prepay salaries expense. (49) Salaries Expense Salaries Payable Salaries Expense Salaries Payable Cash Income Summary Prepaid Salaries O Cash Income Summary Prepaid Salaries O (51) O Salaries Expense Salaries Payable Salaries Expense Salaries Payable O Cash Income Summary O Prepaid Salaries Cash Income Summary Prepaid Salaries (53) O To record payment of salaries To reverse the salaries adjusting entry. Unadj. Bal. Unadj. Bal. To accrue salaries expense. To close salaries expense. To prepay salaries expense, (58) (57) O (58) O (59) O (80) O Unadj. Bal. Unadj. Bal. Adj. Adj. Adj. Adj. (62) O (63) (64) O (65) (88) Adj. Bal. Clos. Adj. Bal. Clos. Adj. Bal. Clos Adj. Bal Clos. Jan. 1 Jan. 4 Jan 1 Jan. 4 189) (70) (71) (2) (73) O Bal Jan. 1 Jan. 4 Jan. 1 Jan. 4 (75) Bal different the same
