Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Alan Millichamp, John Taylor

10th Edition

1408044080, 978-1408044087

More Books

Students also viewed these Accounting questions

Question

=+d. Is there another print vehicle you would suggest?

Answered: 1 week ago