I need assistance with the following question: At October 31, Pullman Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.
Hi,Thanks for your question. The journal entry is:Nov. 1 Salaries Payable 1,400 (debit)...........Salaries Expense 1,400 (credit)Assuming books are closed monthly, the balances after posting the reversing entry are:1) Salaries Expense $1,400 (Cr.)2) Salaries Payable $0.Hope this helps!