Answer-a-
Date | Account Tittle and Explanation | Debit | Credit |
12/31/2021 | Salaries Expense | $1,860 | |
Salaries Payable | $1,860 | ||
(To record Accrued salary at year end) |
b-Closing entry for salaries expense
12/31/2021 | Income summary | $1,860 | |
Salaries expense | $1,860 | ||
(To record closing entry) |
c-
Date | Account Tittle and Explanation | Debit | Credit |
1/4/2022 | Salaries Payable | $1,860 | |
Salaries Expenses | $1,860 | ||
(To record reverse entry on Dec.31 accrual) | |||
1/4/2022 | Salaries expenses | $2,800 | |
Cash | $2,800 | ||
(To record Jan.4 payment of salary) |
Current Attempt in Progress At December 31, 2021. Crane Company made an accrued expense adjusting entry...
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Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022, it paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries.