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anastassius [24]
2 years ago
9

A company recorded 2 days of accrued salaries of $1,500 for its employees on January 31. On February 9, it paid its employees $7

,200 for these accrued salaries and for other salaries earned through February 9. Assuming the company does not prepare reversing entries, the January 31 and February 9 journal entries are:
Business
1 answer:
zavuch27 [327]2 years ago
6 0

Answer:

Journal Entries are:

January 31:

Debit Salaries Expense $1,500

Credit Salaries Payable $1,500

To accrue salary expense for 2 days.

February 9:

Debit Salaries Expense $5,700

Debit Salaries Payable $1,500

Credit Cash $7,200

To record the payment of salaries expense, including salaries payable.

Explanation:

a) Data and Analysis:

January 31: Salaries Expense $1,500 Salaries Payable $1,500

February 9: Salaries Expense $5,700 Salaries Payable $1,500 Cash $7,200

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Answer:

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Answer:

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A Classified Balance Sheet at December 31, 2018

Assets:

Current Assets:

Cash                                                $77,000

Accounts Receivable   172,000

less allowance             <u> 22,000</u>      150,000

Investments                                    152,000

Inventories                                      291,000

Prepaid Expenses                           <u> 94,000</u>         $764,000

Long-term Assets:

Prepaid Expenses                           66,000

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Total Assets                                                      <u>$1,046,000</u>

Current Liabilities:

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Interest payable                             26,000

Deferred revenue                          86,000

Taxes payable                                36,000

Notes payable:

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Long-term Liabilities:

Notes payable:

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c) Deferred Revenue is a current liability.

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