Summary Business Accounting

APPENDIX B REVERSING ENTRIES 7,050 Ex. B–1 a. (1) Sales Salaries Expense............................................. Salaries Payable ................................................... Accrued salaries ($11,750 ÷ 5 days = $2,350; $2,350 × 3 days). 7,050 (2) Accounts Receivable ................................................ Fees Earned .......................................................... Accrued fees earned. 51,300 51,300 b. (1) Salaries Payable ........................................................ Sales Salaries Expense ....................................... Reversing entry. 7,050 7,050 (2) Fees Earned ............................................................... Accounts Receivable ........................................... 51,300 51,300 Reversing entry.