Prepare entries for (a), (b), and (c) listed below using two methods: 1 - prepare the entries
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Question:
Prepare entries for (a), (b), and (c) listed below using two methods:
1 - prepare the entries without making a reversing entry.
2 - prepare the entries with the use of a reversing entry.
(a) Wages paid during 20X1 are $30,500
(b) Wages earned but not paid (accrued) as of December 31, 20X1, are $1,500
(c) On January 3, 20X2, payroll of $2,500 is paid, which includes the $1,500 of wages earned but not paid in December.
Date | Without Reversing Entry | With Reversing Entry | ||
Adjusting Entry: 12/31/X1 | Account Title Amount | |||
Account Title Amount | ||||
Closing Entry: 12/31/X1 | ||||
Reversing Entry: 1/1/X2 Payment of Payroll: 1/3/X2 |
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