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Home Inspection Services had the following unadjusted balances at December 31, 2018: Salaries Payable $0; and Salaries Expense, $2,500. The following transactions have taken place
Home Inspection Services had the following unadjusted balances at December 31, 2018: Salaries Payable $0; and Salaries Expense, $2,500. The following transactions have taken place during the end of 2018 and beginning of 2019: i (Click the icon to view the transactions.) Read the requirements. Requirements 1 and 2. Journalize the entries assuming Home Inspection Services does not use reversing entries. Do not record the reversing entry on Jan. 1. The T-accounts have been opened for you. Enter the Salaries Payable and Salaries Expense unadjusted balances at December 31, 2018. Post the journal entries to the accounts. Begin by journalizing the entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. 31: Accrued Salaries Expense at December 31, $4,000. Date Accounts and Explanation Debit Credit 2018 Dec. 31 i More Info i Requirements 2018 Dec. 31 Accrued Salaries Expense at December 31, $4,000. 31 Closed the Salaries Expense account. 2019 Jan. 1 Reversed the accrued salaries (Requirement 3 only) 4 Paid salaries of $13,000. This payment included the Salaries Payable amount, plus $9,000 for the first few days of January 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 Print Done Choose from any list or enter any number in the input fields and then click Check
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