LaBamba Company pays salaries of $10,000 every Monday for the preceding 5-day week (Monday through Friday). Assume
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(a) Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when LaBamba pays the payroll.
(b) Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1 reversing entry, and the entry on Monday, January 6, when LaBamba pays the payroll.
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a Dec 31 Salaries Expense 10000 X 25 4000 Salaries Payable 4000 ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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