Question

Exercise 2-21 (Algo) Reversing entries (Appendix 2B] The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday fort current year. Salaries are earned evenly throughout the five-day work week, and $19,000 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 1, 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 reversin entry is not recorded Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 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 entry required in the first account field.) No Date General Journal Debit Credit 1 June 30 Salaries expense 11,400 Prev of 6 288 Nevt

Answer 1

1)

Date	Particulars	Debit	Credit
30-Jun	Salaries and wages expense ($19,000*3/5)	$11,400
	Salaries and wages payable		$11,400
01-Jul	Salaries and wages Payable	$11,400
	Salaries and wages expense		$11,400
02-Jul	Salaries and wages expense	$19,000
	Cash		$19,000

2)

Date	Particulars	Debit	Credit
30-Jun	Salaries and wages expense ($19,000*3/5)	$11,400
	Salaries and wages payable		$11,400
02-Jul	Salaries and wages expense	$11,400
	Salaries and wages payable	$7,600
	Cash		$19,000

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