Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses. Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains. To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains. To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Is there a clear line between professional judgment and accounting manipulation?

Do fast answer of this accounting questions

Please give me answer general accounting

Answer 2

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Answer 6

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

Answer 7

Chapter 4, Problem 21Q

(a)

To determine

Reversing entry: The reversing entry is that entry which is recorded at the start of an accounting period. This entry is just the reverse of the adjusting entry which is made in the accounting period just before the current accounting period. Most of the reversing entries are made to record the accrued revenue and accrued expenses.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase the balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue, and gains.

To decrease the balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue, and gains.

To prepare: The reversing entries made on January 1 and the balance of salary and wage expense account.

Answer 8

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Answer 9

(b).

To determine

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Prob. 7Q Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...

Concept explainers

Videos

To prepare: The entries and the salary and wages expense account assuming reversing entries are not made.

Want to see the full answer?

Chapter 4 Solutions