XACC 280 Week 5 CheckPoint 1 - Reversing Entries

Checkpoint: Reversing Entries
Post your answers to BE4-12 on p. 176 of Financial Accounting

On October 31, after the adjusting entry is made, the accountant will then zero out the books which in turn will also zero balance the salaries expense account. The Salaries Payable is a liability account and does not get reset. In doing this, the Salaries Expense account will have a zero balance and the salaries payable will have a credit of $1400.
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