Current Attempt in Progress AI Decenber 31,2021, vanhoe Company made an accrued expense adjusting entry of $1.560 for salaries. On Jarary 4.2022, it paid salaries of $2.700: $1560 for December salaries and $1.140 for Jauary salaries

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Current Attempt in Progress
Al December 31, 2021, Ivanhoe Company made an accrued expense adjusting entry of $1.560 for salaries. On Jarary 4, 2022. it paid
salaries of $2.700: $1,560 for December salaries and $1.140 for January salaries.
(a)
Your answer is correct.
Prepare the December 31 adjusting entry. (Credit acunt titles are automatically indented when amount is entered. Do not
indent manually. If no entry is reguiret, select "No Entry for the account titles and enterO for the omounts)
Transcribed Image Text:Current Attempt in Progress Al December 31, 2021, Ivanhoe Company made an accrued expense adjusting entry of $1.560 for salaries. On Jarary 4, 2022. it paid salaries of $2.700: $1,560 for December salaries and $1.140 for January salaries. (a) Your answer is correct. Prepare the December 31 adjusting entry. (Credit acunt titles are automatically indented when amount is entered. Do not indent manually. If no entry is reguiret, select "No Entry for the account titles and enterO for the omounts)
tendicate the balances in Salaries Payable and Salaries Expense after posting these entries.
Salarles Expense
Date Explanation Ref
Debit
Credit
Balance
Dec.
Accrual
31
31 Closing entry
Jan. Reversing
1 entry
Payment of
salary
Salaries Payable
Date Explanation Ref
Debit
Credit
Balance
Dec.
Accrual
31
Jan, Reversing
1 entry
Transcribed Image Text:tendicate the balances in Salaries Payable and Salaries Expense after posting these entries. Salarles Expense Date Explanation Ref Debit Credit Balance Dec. Accrual 31 31 Closing entry Jan. Reversing 1 entry Payment of salary Salaries Payable Date Explanation Ref Debit Credit Balance Dec. Accrual 31 Jan, Reversing 1 entry
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