All candidates for entry level engineering positions are given the mechanical aptitude test. Those who scored well and were hire

Answer:

The reversing entries are outlined below

Explanation:

The accountant should reverse the entries made for salaries payable and interest receivable accruals.

December 31, 2021 (To document interest receivable)

                                                                        DEBIT               CREDIT

Interest receivable [$115,000*8%*3/12]         2300

Interest revenue                                                                          2300

December 31, 2021 (To document salaries payable)

                                         DEBIT            CREDIT

Salaries expense            7550

Salaries payable                                       7550

January 1, 2022  (To reverse entry from December 31, 2021)

                                             DEBIT           CREDIT

Interest revenue                   2300

Interest receivable                                      2300

January 1, 2022  (To reverse entry from December 31, 2021)

                                              DEBIT              CREDIT

Salaries payable                     7550

Salaries expense                                               7550