1 answer

At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries....

Question:

At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances inSalaries Payable and Salaries Expense after posting the reversing entry

Answers

Debit Salaries Payable $1,400
Credit Cash $1,400

Salaries Payable should be $0
Expense should be $1,400 (expensed on October 31 when the adjusting entry was made).

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