Refer to the data in Problem 4-4A,
Data from Problem 4-4
Adjustment data:
a. Commission revenue received in advance that had not been earned at August 31, $40,500.
b. Rent still prepaid at August 31, $2,300. Hint: Calculate the amount of rent that was used up.
c. Supplies used during the month, $2,040.
d. Amortization on furniture for the month, $2,220.
e. Amortization on building for the month, $2,780.
f. Accrue salary expense at August 31 in the amount of $2,760.
Required
1. Open ledger accounts for Salaries Payable and Salaries Expense. Insert their unadjusted balances at August 31, 2014.
2. Journalize adjusting entry f and the closing entry for Salaries Expense at August 31. Include explanations. Post to the accounts.
3. On September 5, Silber Insurance Agency paid the next payroll amount of $3,480.
Journalize this cash payment, with explanations, and post to the accounts. Show the balance in each account.
4. Repeat Requirements 1 through 3 using a reversing entry. Compare the balances of Salaries Payable and Salaries Expense computed by using a reversing entry with those balances computed without using a reversing entry (as they appear in your answer to Requirement 3).