Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem E4A.28E
Journalizing reversing entries
Leaning Objectives 7 Appendix 4A|Q
Mountain View Services had the following unadjusted balances at December 31,2018:Salaries Payable, $0;and Salaries Expense, $1,900.The following transactions have taken place at the end of 2018 and beginning of 2019:
2018
Dec. 31 Accrued Salaries Expenses at December 31, 2018.
31 Closed the Salaries Expense Account.
2019
Jan. 1 Reversed the accrued salaries. (Requirement 3 only)
4 Paid salaries of $8, 500. This payment included the Salaries payable amount, plus $500 for the first few days of January.
Requirements
- Open T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31,2018.
Journalize the entries assuming Mountain View Services does not use reversing entries. Do not record the reversing entry on Jan. 1.Post to the accounts.- Open new T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31,2018.Journalize the entries assuming Mountain View Services uses reversing entries. Don't forget to record the reversing entry on Jan. 1.Post to the accounts. Compare the balances on January 4,2019with Requirement 2 balances on January 4, 2019.
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The post-dosing trial balance as of April 30, 2019
Required:
Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt
compound transaction, if an amount box does not require an entry, leave it blank,
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Post. Ref.
4,500
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Post. Ref.
Debit
2,450
May 9: Paid cash for a newspaper advertisement, $225.
Post. Ref.
Debit
DOOdODS日
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
Post. Ref.
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Chapter 4 Solutions
Horngren's Accounting (12th Edition)
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