At December 31, 2014, Giselle Company made an accrued expense adjusting entry of $1,700 for…

At December 31, 2014, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2015, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for January salaries. (a) Prepare the December 31 adjusting entry. (b) Prepare the December 31 closing entry for salaries. (c) Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries. (d) Indicate the balances in Salaries Payable and Salaries Expense aft er posting these entries.

 

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