Question
At December 31, 20X8, before adjusting entries were made, the Salary Expense account of a company showed a balance of $5,167. It is determined that
At December 31, 20X8, before adjusting entries were made, the Salary Expense account of a company showed a balance of $5,167. It is determined that salaries owed employees for the last few days of the year amount to $432. On January 8, 20X9, the first payroll for the year was prepared, and it totaled $875, including the $432 owed from the previous year. (8 pts)
Required:
a. Prepare the adjusting journal entry at December 31, 20X8.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. Prepare the reversing entry (if one is appropriate) at January 1, 20X9.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c. What is the balance of the Salary Expense account at January 8, 20X9, assuming all postings have been made?
Enter response in the box below.
|
d. What is the balance of the Salaries Payable account at January 8, 20X9, after all postings are made?
Enter response in the box below.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started