Employees of Artworld Co. have earned but have not been paid $3,500 in salaries for the last week of the current calendar year.
(a) Prepare the necessary adjusting journal entry(ies) for Artworld at December 31 of the current year.
(b) Assuming that Artworld makes reversing entries, prepare the necessary reversing entry. Include the appropriate date for the reversing entry(ies).

Question

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The Answer of Employees of Artworld Co. have earned but have not been paid $3,500 in salaries for the last week of the current calendar year.
(a) Prepare the necessary adjusting journal entry(ies) for Artworld at December 31 of the current year.
(b) Assuming that Artworld makes reversing entries, prepare the necessary reversing entry. Include the appropriate date for the reversing entry(ies).