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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Dyer Service Company had the following unadjusted balances at December 31, 2016:  Salaries Payable, $0; Salaries Expense, $12,000.  The following transactions took place on December 31, 2016:
Accrued Salaries Expense, $5,000
Closed the Salaries Expense account.

The following transaction took place on January 4, 2017:
Paid salaries of $6,000.  This payment included $5,000 that was accrued on December 31, 2016 and $1,000 for the first few days in January 2017.

Prepare the journal entries for January 1, 2017 and January 4, 2017, assuming that reversing entries were made.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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