161. Excalibur frequently has accrued expenses at the end of its fiscal year that should be recorded for proper financial statement presentation. Excalibur pays on a weekly basis and has $50,000 of accrued salaries incurred but not paid for June 30, its fiscal year-end. This consists of one day's accrued salaries for the week. Excalibur will pay its employees $250,000 on July 4; the one day of accrued salaries and the remaining four days for July salaries. Record the following entries: 

Feedback: (a) Accrual of the salaries on June 30.

(b) Payment of the salaries on July 4, assuming that Excalibur does not prepare reversing entries.

(c) Assuming that Excalibur prepares reversing entries, reverse the adjusting entry made on June 30.

(d) Assuming that Excalibur prepares reversing entries, payment of the salaries on July 4.

162. Epee Inc. frequently has accrued revenues at the end of its fiscal year that should be recorded for proper financial statement presentation. Epee Inc.'s fiscal year ends on September 30 of the current year. Epee Inc. has determined through an evaluation of invoices and services rendered that $32,000 of services has been provided as of September 30, but not yet billed. The total contract to be billed for services when completed will be $60,000. Record the following entries: 

Feedback: (a) Accrual of the revenues on September 30.

(b) Receipt of payment from customers on October 9 for the services rendered, assuming that Epee does not prepare reversing entries.

(c) Assuming that Epee prepares reversing entries, reverse the adjusting entry made on September 30.

(d) Assuming that Epee prepares reversing entries, receipt of the payment for the total contract amount on October 9.