CheckPoint Reversing Entries

CheckPoint Reversing Entries - credit of $1400. Once the...

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CheckPoint Reversing Entries Adjusting entry Oct 31 Salaries expense $1400 Salaries payable $1400 Reversing entry Nov.1 Salaries payable $1400 Salaries expense $1400 After the adjusting entry is made on Oct 31 st the accountant will zero out the books and the salaries expense account. The salaries payable is a liability account so it cannot be reset. The salaries expense account will have a zero balance and the salaries payable will have a
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Unformatted text preview: credit of $1400. Once the revising entry is made on Nov. 1 st the salaries payable account will have a zero balance because the debit entry of $1400 will be offset by the credit entry of $1400 on oct. 31 st . The salaries expense account will have a credit of $1400, because it was zeroed at the end of the month....
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