Exam.-10 - On 27 January 2018, XYZ Company paid employees $62,000 cash as salaries from 21 December 2017 through 20 January 2018. Salaries from 21 December through 31 December were $22,000. XYZ Company uses the reversing entry. Which of the following journal entries should XYZ Company make on 27 January 2018? Exam.-11 On 1 January, 2016, ABC Company bought a machine at a cost of $12,000. The machine has a useful life of 6 years and residual value of $1,500. It uses the straight-line method for depreciation. Which of the following journal entries should ABC Company make for the machine on 31 December 2016