On December 31, 2016, Mason Company made the following proper year-end adjusting entries:

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GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1		Adjusting Entries
2	Dec. 31	Bad Debts Expense		530.00
3		Allowance for Doubtful Accounts			530.00
4	31	Salaries Expense		940.00
5		Salaries Payable			940.00
6	31	Unearned Rent		1,230.00
7		Rent Revenue			1,230.00
8	31	Interest Expense		220.00
9		Interest Payable			220.00
10	31	Rent Receivable		310.00
11		Rent Revenue			310.00
12	31	Depreciation Expense		5,100.00
13		Accumulated Depreciation			5,100.00
14	31	Insurance Expense		312.00
15		Prepaid Insurance			312.00
16	31	Interest Receivable		225.00
17		Interest Income			225.00
18	31	Office Supplies		100.00
19		Office Supplies Expense			100.00
20	31	Advances to Sales Personnel		300.00
21		Salaries Expense			300.00
22	31	Income Tax Expense		4,300.00
23		Income Taxes Payable			4,300.00

Additional information:

1.	The interest payable is due July 1, 2017.
2.	The interest receivable is due February 18, 2018.

	Required:
	Prepare journal entries to record whatever reversing entries you think are appropriate.

Answer rating: 100% (QA)

Previously salary expense is debited and salary payable is credited Hence the salarie... View the full answer