Adjusting, Closing, and Reversing Entries Prepare adjusting, closing, and payroll entries for wages using two methods. a. Wages paid during 20-1 are $23,630, b. Wages earned but not paid (accrued) as of December 31, 20-1, are $290. c. On January 3, 20-2, payroll of $1,150 is paid, which includes the $290 of wages earned but not paid in December. 1. Prepare the entries without making a reversing entry. Adjusting Entry: 12/31/-1 Closing Entry: 12/31/-1 Payment of Payroll: 1/3/-2 2. Prepare the entries with the use of a reversing entry, Adjusting Entry: 12/31/-1