Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees $24,000 in salaries and wages that will be paid on January 7, 2019.

Required:

1. Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2019, and an entry to record the payment of salaries and wages on January 7, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the accrued salaries and wages as of December 31.

Date	General Journal	Debit	Credit
December 31, 2018

Record the revising entry on January 1.

Date	General Journal	Debit	Credit
January 01, 2019

Record the payment of salaries and wages on January 7.

Date	General Journal	Debit	Credit
January 07, 2019

2. Prepare journal entries to record the accrued salaries and wages on December 31, 2018 and the payment of salaries and wages on January 7, 2019, assuming a revising entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the accrued salaries and wages as of December 31.

Date	General Journal	Debit	Credit
December 31, 2018

Record the payment of salaries and wages on January 7 assuming a reversing entry is not made.

Date	General Journal	Debit	Credit

Answer rating: 100% (QA)

Date Account Title and Explanation Debit Credit Dec 31 20... View the full answer