The reversing entry for Salaries is:
A)debit Salaries Expense;credit Salaries Payable.
B)debit Salaries Payable;credit Income Summary.
C)debit Salaries Payable;credit Salaries Expense.
D)debit Salaries Expense;credit Accounts Payable.

Question

Quizplus · Accepted Answer

The reversing entry for Salaries is to debit Salaries Payable and credit Salaries Expense. This ensures that the Salaries Expense is not duplicated in the new period, and the Salaries Payable account reflects the correct balance for the new period.

The Reversing Entry for Salaries Is