XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 5 Solution
4. CheckPoint: Reversing Entry
• Post your answers to BE4-12 on p. 176 of Financial Accounting.
• Due Date: Day 3 [post to your Individual forum]
5. CheckPoint: Closing Entries and a Post-closing Trial Balance
• Complete E4-4 on p. 177 of Financial Accounting. Use the templates in Appendix F and complete all three tabs.
• Post the completed Appendix F as an attachment.
• Due Date: Day 6 [post to your Individual forum]
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BE4-12 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.
E4-4 Worksheet data for Goode Company are presented in E4-2.
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
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