Adjusting and reversing entries On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of the current fiscal year, and (b) journalize the reversing entries on January 1, the first day of the following year: 1. Sales salaries are uniformly $11,750 for a five-day workweek, ending on Friday. The last payday of the year was Friday, December 26. 2. Accrued fees earned but not recorded at December 31, $51,300.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
BuyFind

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

Solutions

Chapter
Section
Chapter 4, Problem 27E
Textbook Problem

Adjusting and reversing entries

On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of the current fiscal year, and (b) journalize the reversing entries on January 1, the first day of the following year:

1. Sales salaries are uniformly $11,750 for a five-day workweek, ending on Friday. The last payday of the year was Friday, December 26.

2. Accrued fees earned but not recorded at December 31, $51,300.

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Chapter 4 Solutions

Financial And Managerial Accounting
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