Answer:
Reversing entries are given below
Explanation:
The accountant would reverse the adjusting entries of the accrual of salaries payable and the accruals of interest receivable.
December 31, 2021 (To record interest receivable)
DEBIT CREDIT
Interest receivable [$115,000*8%*3/12] 2300
Interest revenue 2300
December 31, 2021 (To record salaries payable)
DEBIT CREDIT
Salaries expense 7550
Salaries payable 7550
January 1, 2022 (To reverse the entry recorded on December 31, 2021)
DEBIT CREDIT
Interest revenue 2300
Interest receivable 2300
January 1, 2022 (To reverse the entry recorded on December 31, 2021)
DEBIT CREDIT
Salaries payable 7550
Salaries expense 7550