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It says answer not complete and im very confused as to why. Thanks! Exercise 2-21 (Algo) Reversing entries (Appendix 28) The employees of Xitrex, Inc.,
It says answer not complete and im very confused as to why. Thanks!
Exercise 2-21 (Algo) Reversing entries (Appendix 28) The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year end is June 30, which folis on a Wednesday for the current year. Salaries are earned evenly throughout the five day work week, and $16.000 will be paid on Friday, July 2 Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July and an entry to record the payment of salaries on July 2 2. Prepare journal entries to record the accrued salaries as of June 30 and the payment of salaries on July 2 assuming a seversing entry is not recorded Answer is not complete. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. (If no entry is required for a transaction/event, select "No journal ently required in the first account field) No Date General Journal Debit Credit 1 June 30 Sales open 0.000 Salunes payab 0.600 9.600 2 July 01 Salares payable Salaries expense 9.000 15,000 3 July 02 Salaries expenso Cash 10.000 Race Required 2 > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the accrued salaries as of June 30 and the payment of salaries on July 2 assuming a reversing entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No 1 Date June 30 General Journal Credit Salaries expense Salaries payable Debit 9.600 > 9,600 2 July 02 Salaries expense Salarios payable 6.400 9.600 16.000 Step by Step Solution
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