CengageNOWv2 | Onlin XC Chegg Study | Guided SolutC .com/lm/takeAssignment Ta v2

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CengageNOWv2 | Onlin XC Chegg Study | Guided SolutC .com/lm/takeAssignment Ta v2cengagenow.com/lny/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentsessionLocator-; assignment-take&inprogress; Engagement Exerc eBook Video Calculator Instructions Journal Entries Reversing Entry Analysis Instruct Adjusting, Closing and Reversing Entries king a reversing entry. For a compound transaction, if an amount box does not require an entry, leave it ank. If no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "o" Prepare the entries with the use of a reversing entry. If an amount box does n ot require an entry, leave it blank. If no entry is required select "No Entry Required" and leave the amount boxes blank or enter "o Use T-accounts to assist your analysis for without making a reversing entry First, prepare the entries without making a reversing entry. Second, repare the entries with the use of a reversing entry. Use T-accounts to assist your analysis Wages paid during 20-1 are $18,040 Wages earned but not paid (accrued) as of December 31, 20-1, are $240 On January 3, 20-2, payroll of $990 is paid, which includes the $240 of wages earned but not paid in December

Explanation / Answer

Requirement 1 Journals withour making reversing entry Amount in $ nature of entry Date Account Title & Explanation Debit Credit Adjusting 12/31/-1 Wages Expense 240 Wages Payable 240 To record the unpaid wages Closing 12/31/-1 Income summery 18280 Wages Expense 18280 To record the closing of wage expense Reversing 1/1/-2 No entry required Payment of Payroll 1/3/-2 Wages expense 750 Wages Payable 240 Cash 990 Requirement 2 Journals with Reversing entry Amount in $ nature of entry Date Account Title & Explanation Debit Credit Adjusting 12/31/-1 Wages Expense 240 Wages Payable 240 To record the unpaid wages Closing 12/31/-1 Income summery 18280 Wages Expense 18280 To record the closing of wage expense Reversing 1/1/-2 Wages Payable 240 Wages expense 240 To record the reversing of wages Payable Payment of Payroll 1/3/-2 Wages expense 990 Cash 990 To record the wage expense Requirement 3 Analysis of T- Accounts without Reversing entry Wages expense Cash 18040 Wages payable 240 Income summery 18280 20-2 Cash 750 Wages payable 20-2 Cash 240 20-2 Wages expense 240 Cash Wages payable 240 Wages expense 750 Requirement 4 Analysis of T- Accounts with Reversing entry Wages expense Cash 18040 Wages payable 240 Income summery 18280 20-2 Cash 990 20-2 Wages Payable 240 Balance 750 Wages payable Wages expense 240 20-2 Wages expense 240 Cash 20-2 Wages expense 990

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