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Journalizing reversing entries Ocean View Services had the following unadjusted balances at December 31 2016 Salaries Payable $0 Salaries Expense $1400 The following transactions have taken

Journalizing reversing entries Ocean View Services had the following unadjusted balances at December 31, 2016: Salaries Payable, $0; Salaries Expense, $1,400. The following transactions have taken place at the end of 2016 and beginning of 2017:

Requirements

1. Open T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31, 2016.

2. Journalize the entries assuming Ocean View Services does not use reversing entries. Do not record the reversing entry on Jan. 1. Post to the accounts.

3. Open new T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31, 2016. Journalize the entries assuming Ocean View Services uses reversing entries. Don’t forget to record the reversing entry on Jan. 1. Post to the accounts. Compare the balances with Requirement 2 balances.

Apr 21 2020 View more View Less

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