Question

Connect er 2 homework Saved Help Exercise 2-21 (Algo) Reversing entries (Appendix 2B) ok 1 The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $11,000 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 reversing entry is not recorded aces 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.) View transaction list Journal entry worksheet 1 2 3

Answer 1

1)
Date	Account Titles and Explanation	Debit	Credit
June 30	Salaries and wages Expense ( $ 11,000 x 3 / 5 )	$ 6,600
	Salaries and wages payable		$ 6,600
	(To record the accrued Salaries and wages Expense )
July 1	Salaries and wages payable	$ 6,600
	Salaries and wages Expense		$ 6,600
	(To record reversal of accrued Salaries and wages Expense)
July 2	Salaries and wages Expense	$ 11,000
	Cash		$ 11,000
	(To record the Salaries and wages paid )
2)
Date	Account Titles and Explanation	Debit	Credit
June 30	Salaries and wages Expense ( $ 11,000 x 3 / 5 )	$ 6,600
	Salaries and wages payable		$ 6,600
	(To record the accrued Salaries and wages Expense )
July 2	Salaries and wages Expense   - Bal. Fig.	$ 4,400
	Salaries and wages payable	$ 6,600
	Cash		$ 11,000
	(To record the Salaries and wages paid )