Exercise 22-16 Your answer is partially correct. Try again. You have been engaged to review the financial statements of Riverbed Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. Year-end wages payable of $3,720 were not recorded because the bookkeeper thought that "they were immaterial." 2. Accrued vacation pay for the year of $31,100 was not recorded because the bookkeeper "never heard that you had to do it." 3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2,448 because the amount of the check is about the same every year." 4. Reported sales revenue for the year is $1,935,560. This includes all sales taxes collected for the year. The sales tax rate is 5%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense." At the end of the current year, the balance in the Sales Tax Expense account is $93,560. Prepare the necessary correcting entries, assuming that Riverbed uses a calendar-year basis. The books for the current year have not been closed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. Salaries and Wages Expen: 3410 M Salaries and Wages Pay 3410 2. 2 Salaries and Wages Expen 28000 Salaries and Wages Pay 28000 3. Prepaid Insurance II 2020 Insurance Expense 2020 X Sales 15600 Sales Tax Payable 15600 (To record the sales taxes due x Sales 94140 Sales Tax Expense 94140 (To correct prior entry) Click if you would like to Show Work for this question: Open Show Work