Wages are S37,500 per week for a five-day workweek, ending on Friday. The last p

Question

Wages are S37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Which of the following is correct for the reversing entry on July 1? O O O O debit Salaries Expense for S15,000 credit Salaries Payable for $15,000 debit Salaries Payable for $37,500 credit Salaries Expense for $15,000 Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger. O O O O debit balance of S37,500 credit balance of $15,000 debit balance of S15,000 credit balance of S7,500

Explanation / Answer

Reversing entry on july 1 :

so answer is d) Credit salary expense of $15000

2) so answer is b) Credit balance of 15000

Date accounts & explanation debit credit Salary payable (37500/5*2) 15000 Salary expense 15000

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