Question

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

Would this answer be right???


Nov. 1 Salaries Payable 1,400
Salaries Expense 1,400

The balances after posting the reversing entry are Salaries Expense (Cr.) $1,400 and Salaries Payable $0.

Answer 1

how do I write this 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 in Salaries