Question: Cigale Company prepares reversing entries If the adjusting entry for
Cigale Company prepares reversing entries. If the adjusting entry for interest payable is reversed, what type of an account balance, if any, will there be in Interest Payable and Interest Expense after the reversing entry is posted?
Answer to relevant QuestionsThe ledger of Clayton Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $58,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a) expired insurance ...At October 31, Burgess Company made an accrued expense adjusting entry of $2,100 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries and Wages Payable and Salaries and Wages Expense ...Worksheet data for DeSousa Company are presented in E4-2. The owner did not make any additional investments in the business in April.In E4-2, The adjusted trial balance columns of the worksheet for DeSousa Company are as ...Selected accounts for Heather’s Salon are presented below. All June 30 postings are from closing entries.Instructions(a) Prepare the closing entries that were made.(b) Post the closing entries to IncomeSummary.The adjusted trial balance columns of the worksheet for Alshwer Company, owned by M. Alshwer, are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare an ...
Post your question