APPENDIX O-1 REVERSING JOURNAL ENTRIES EXERCISES Ex. O1–1 a. b. c.
Jan. Jan. Jan.
1 Wages Payable Wages Expense
5,500
6 Wages Expense Cash
61,375
6 Wages Expense Wages Payable Cash
55,875 5,500
5,500 61,375
61,375
d. $55,875 ($61,375 – $5,500) Ex. O1–2 a. (1) Dec.
(2)
b. (1) Jan.
(2)
31 Sales Salaries Expense……………………………… Salaries Payable…………………………………… Accrued salaries ($2,350 × 3 days).
7,050
31 Accounts Receivable………………………………… Fees Earned………………………………………… Accrued fees earned.
51,300
1 Salaries Payable……………………………………… Sales Salaries Expense…………………………… Reversing entry.
7,050
1 Fees Earned…………………………………………… Accounts Receivable……………………………… Reversing entry.
51,300
7,050
51,300
7,050
51,300
Ex. O1–3 a. (1) June 30 Wages Expense……………………………………… Wages Payable…………………………………… Accrued salaries ($13,200 × 1 day). (2)
b. (1) July
(2)
13,200 13,200
30 Accounts Receivable………………………………… Fees Earned………………………………………… Accrued fees earned.
25,000
1 Wages Payable………………………………………… Wages Expense…………………………………… Reversing entry.
13,200
1 Fees Earned…………………………………………… Accounts Receivable……………………………… Reversing entry.
25,000
25,000
13,200
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25,000