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Answered by:Bizhelp
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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.

Submitted: 372 days and 15 hours ago.

Category: General

Value: $30

Status: CLOSED

Accepted Answer

Expert: Bizhelp replied 372 days and 15 hours ago.

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!

Expert Type	Consultant
Category:	General
Pos. Feedback:	100.0 %
Accepts:	45
Answered:	4/2/2012

Experience: Bachelors degree

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