The following are the salaries expense information for Pioneer Advertising Inc. 1. October 26, 2018 –...
The following are the salaries expense information for Pioneer Advertising Inc.
1. October 26, 2018 – Pioneer pays $5,000 of salaries and wages earned between October 15 and October 26.
2. October 31, 2018 – Salaries and wages earned between October 29 and October 31 are $2,200. The company will pay these expenses in the November payroll.
3. November 9, 2018 – Salaries and wages paid are $5,000. Of this amount, $2,200 have been applied to accrued salaries and wages payable and $2,800 was earned between November 1 and November 9.
Required: Prepare the reversing entry
Homework Answers
Salaries and wages earned between October 29 and October 31 are $2,200. The company will pay these expenses in the November payroll. On October 31, the following adjusting would be made:
| Oct. 31 | Salaries and wages expense | 2,200 | |
| Salaries and wages payable | 2,200 |
The reversing entry will be made on November 1, as under:
| Oct. 31 | Salaries and wages payable | 2,200 | |
| Salaries and wages expense | 2,200 |
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The following are the salaries expense information for Pioneer
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