Accounting 25th Edition Solution
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Complete Answer (Next Page)
B-1
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, APPENDIX B
REVERSING ENTRIES
Ex. B–1
a. (1) Sales Salaries Expense............................................. 7,050
Salaries Payable ................................................... 7,050
Accrued salaries ($11,750 ÷ 5 days = $2,350;
$2,350 × 3 days).
(2) Accounts Receivable ................................................ 51,300
Fees Earned .......................................................... 51,300
Accrued fees earned.
b. (1) Salaries Payable ........................................................ 7,050
Sales Salaries Expense ....................................... 7,050
Reversing entry.
(2) Fees Earned ............................................................... 51,300
Accounts Receivable ........................................... 51,300
Reversing entry.
Ex. B–2
a. (1) Wages Expense ......................................................... 13,200
Wages Payable ..................................................... 13,200
Accrued wages ($66,000 ÷ 5 days).
(2) Accounts Receivable ................................................ 25,000
Fees Earned .......................................................... 25,000
Accrued fees earned.
b. (1) Wages Payable .......................................................... 13,200
Wages Expense .................................................... 13,200
Reversing entry.
(2) Fees Earned ............................................................... 25,000
Accounts Receivable ........................................... 25,000
Reversing entry.
B-2
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
(Download complete and 100% accurate work written as per requirements)
Topic: _________________
Student Name: __________
Course Title: ____________
Instructor: ______________
Date of submission: _______
For any problem feel free to message me on “Stuvia”
Complete Answer (Next Page)
B-1
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, APPENDIX B
REVERSING ENTRIES
Ex. B–1
a. (1) Sales Salaries Expense............................................. 7,050
Salaries Payable ................................................... 7,050
Accrued salaries ($11,750 ÷ 5 days = $2,350;
$2,350 × 3 days).
(2) Accounts Receivable ................................................ 51,300
Fees Earned .......................................................... 51,300
Accrued fees earned.
b. (1) Salaries Payable ........................................................ 7,050
Sales Salaries Expense ....................................... 7,050
Reversing entry.
(2) Fees Earned ............................................................... 51,300
Accounts Receivable ........................................... 51,300
Reversing entry.
Ex. B–2
a. (1) Wages Expense ......................................................... 13,200
Wages Payable ..................................................... 13,200
Accrued wages ($66,000 ÷ 5 days).
(2) Accounts Receivable ................................................ 25,000
Fees Earned .......................................................... 25,000
Accrued fees earned.
b. (1) Wages Payable .......................................................... 13,200
Wages Expense .................................................... 13,200
Reversing entry.
(2) Fees Earned ............................................................... 25,000
Accounts Receivable ........................................... 25,000
Reversing entry.
B-2
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
