Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making. Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company. To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

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Answer 1

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

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Answer 2

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

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Answer 3

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

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Answer 4

Question

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

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Answer 5

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

Answer 6

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

Answer 7

Chapter 4, Problem 21Q

(a)

To determine

Reversing Entries: Reversing Entries are made at the beginning of the accounting period when the accountant needs to cancel any entry made in the previous accounting period. It is done in order to eliminate any errors that might have occurred in the calculation of the revenue or expenses, and henceforth, increase the efficiency of the financial statements for an improved decision making.

Accrued Salaries Payable: Accrued salaries payable are a part of those salaries for the employees that have been incurred during the accounting period, which means the employees have earned those salaries but haven’t received them. It is a liability for the company.

To Journalize: Reversing entries for accrued salaries payable account and indicate the salaries and wages expense account balance of the company.

Answer 8

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

Answer 9

(b)

To determine

To Journalize: by assuming Reversing entries have not been made.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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To Journalize: by assuming Reversing entries have not been made.

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