Portions of the salaries expense account of a business follow: Account Salaries Expense Account No. 62 Balance Post. Ref. Date Item Dr. Cr. Dr. Cr. 2018 Dec.27 (1) 29 22,000 1,200,000 1,213,200 (2) 13,200 31 30 1,213,200 (3) 31 31 2019 Jan. 1 (4) 32 13,200 13,200 (5) 33 10,800 2 24,000 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 J. McHenry, Capital.

Portions of the salaries expense account of a business follow: Account Salaries Expense Account No. 62 Balance Post. Ref. Date Item Dr. Cr. Dr. Cr. 2018 Dec.27 (1) 29 22,000 1,200,000 1,213,200 (2) 13,200 31 30 1,213,200 (3) 31 31 2019 Jan. 1 (4) 32 13,200 13,200 (5) 33 10,800 2 24,000 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 J. McHenry, Capital.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 33E: Portions of the salaries expense account of a business follow: a. Indicate the nature of the entry...

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