Debit salaries and wages expense and credit salaries

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Assume that Best Buy made a December 31 adjusting entry to debit Salaries and Wages Expense and credit Salaries and Wages Payable for $4,140 for one of its departments. On January 2, Best Buy paid the weekly payroll of $7,270. Prepare Best Buy’s (a) January 1 reversing entry; (b) January 2 entry (assuming the reversing entry was prepared); and (c) January 2 entry (assuming the reversing entry was not prepared)

Reference no: EM13863752

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