Check out some similar questions!

kizzyb · Aug 30, 2006, 10:01 PM

I have a problem that says to reversing entries by the previous year's adjusting entries. It want me to reverse Interest income $307.50
Salaries expense That give me Sales salaries $1306, Office Salaries $607 I will add them together and get $1913 for Salaries payable. Interest Expense $1,755. How would I reverse this.

Received cash for sale of store equipment, $3,400. Cash receipt No. 4418. Cost of store equipment was $3,650 and associated depreciation is 315.00. Be sure to enter the depreciation and gain on the sale of this store equipment in the general journal. How would I post this.
My Adj. Ent for store equipment is $3935.

CaptainForest · Aug 31, 2006, 11:04 PM

Originally Posted by kizzyb

I have a problem that says to reversing entries by the previous year's adjusting entries. It want me to reverse Interest income $307.50
Salaries expense That give me Sales salaries $1306, Office Salaries $607 i will add them together and get $1913 for Salaries payable. Interest Expense $1,755. How would i reverse this.

What??

I lost you on this one. In that, I don’t understand what you are asking.

Originally Posted by kizzyb

Received cash for sale of store equipment, $3,400. Cash receipt No. 4418. Cost of store equipment was $3,650 and associated depreciation is 315.00. Be sure to enter the depreciation and gain on the sale of this store equipment in the general journal. How would i post this.
My Adj. Ent for store equipment is $3935.

Do you have to record depreciation in the year you sell it? It sounds like you do, so, what is the depreciation in the year of sale?

Therefore, not enough information has been given to answer this question.

kizzyb · Sep 1, 2006, 12:17 AM

Originally Posted by CaptainForest

What???

I lost you on this one. In that, I don’t understand what you are asking.

Do you have to record depreciation in the year you sell it? It sounds like you do, so, what is the depreciation in the year of sale?

Therefore, not enough information has been given to answer this question.

The problem say that on Jan 1. Reversing entries required by the previous year's adjusting entries. Use the data presented in the sample problem as the basic for your reversing entries. Enter Rev. Ent. In the reference text box. Reverse the entries for the interest income, Salaries Expense, and Interest Expense. My samples problems Shows interest income as 335.00. Salaries Expense Sale Salaries 938.00, Office Salaries 536.00, Accured interest Expense 1,325. BUt my adjusting entries for this problem shows interest income as 307.50 Salries expense Sales salaries 1306 office salaries expense as 607, and interest expense as 1755.

Yes for the secone question it's dealing with depreciation and gain on the sale of this store equipment in the general journal. I'm asking how do I suppose to post this in General journal if I have alreally post it else were.The problem say Received cash for sale of store equipment 3,400; Cash receipt no. 4418. Cost of store equipment was 3650.00 and associated depreciation is 315.00. Be sure sure to enter the depreciation and gain of sale of this equipment in the general journal.