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14 February, 03:36

Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $8,800 of unpaid and unrecorded salaries. The next payday is January 3, at which time $22,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.

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  1. 14 February, 03:56
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    Debt Salaries payable is $8800

    Credit Salaries expense is $8800

    Explanation:

    given data

    earn unpaid and unrecorded salaries = $8,800

    paid = $22,000

    to find out

    journal entry to reverse the effect

    solution

    here journal entry to reverse the effect January 1 journal entry to reverse the effect of the December 31 salary expense accrual is as

    particular debt credit

    Salaries payable $8800

    Salaries expense $8800

    as here unpaid salaries of December is paid in January
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