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Portions of the wages expense account of a business follow: Account Wages Expense Account No. 53 Balance Post. Ref. Cr. Date Item Dr. Cr. Dr. 2018 Dec.26 (1) 125 15,400 800,000 (2) 809,250 31 126 9,250 (3) 31 127 809,250 2019 Jan. 1 (4) 128 9,250 9,250 (5) 129 2 14,800 5,550 a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.

Portions of the wages expense account of a business follow: Account Wages Expense Account No. 53 Balance Post. Ref. Cr. Date Item Dr. Cr. Dr. 2018 Dec.26 (1) 125 15,400 800,000 (2) 809,250 31 126 9,250 (3) 31 127 809,250 2019 Jan. 1 (4) 128 9,250 9,250 (5) 129 2 14,800 5,550 a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Portions of the wages expense account of a business follow: Account Wages Expense Account No. 53 Balance Post. Ref. Cr. Date Item Dr. Cr. Dr. 2018 Dec.26 (1) 125 15,400 800,000 (2) 809,250 31 126 9,250 (3) 31 127 809,250 2019 Jan. 1 (4) 128 9,250 9,250 (5) 129 2 14,800 5,550 a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.
Transcribed Image Text:Portions of the wages expense account of a business follow: Account Wages Expense Account No. 53 Balance Post. Ref. Cr. Date Item Dr. Cr. Dr. 2018 Dec.26 (1) 125 15,400 800,000 (2) 809,250 31 126 9,250 (3) 31 127 809,250 2019 Jan. 1 (4) 128 9,250 9,250 (5) 129 2 14,800 5,550 a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.
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