Journalizing adjusting, closing, and reversing entries.
Obtain all data that is necessary from the worksheet prepared for Whatnots in Problem 12.5B at the end of Chapter 12. Then follow the instructions to complete this problem.
INSTRUCTIONS
1. Record adjusting entries in the general journal as of December 31, 2016. Use 29 as the first journal page number. Include descriptions for the entries.
2. Record closing entries in the general journal as of December 31, 2016. Include descriptions.
3. Record reversing entries in the general journal as of January 1, 2017. Include descriptions.
Analyze: Assuming that the company did not record a reversing entry for salaries payable, what entry is required when salaries of $2,600 are paid on January 4? (Ignore payroll taxes withheld.)
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