xacc 280

At October 31, Nathan Company made an accrued expense adjusting entry of $1,400

for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries

Payable and Salaries Expense after posting the reversing entry.

can someone tell me if this is the correct answer??

Nov. 1 Salaries Payable 1,400
Salaries Expense 1,400

The balances after posting the reversing entry are Salaries Expense (Cr.) $1,400 and Salaries Payable $0.

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