### Reversing Entries: Adjusting Entries AnalysisCertain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period.**Required:**Analyze the following four [adjusting entries](https://www.yourwebsite.com/adjusting-entries) made on December 31, and determine whether a [reversing entry](https://www.yourwebsite.com/reversing-entry) is needed.#### Adjusting Entries Table| Date | Description | Debit | Credit | Reversing entry necessary | Reversing entry not necessary ||------------------|---------------------|---------|---------|---------------------------|-------------------------------|| Dec. 31 | Interest Receivable | 1,200 | | ![Selected](https://www.yourwebsite.com/circle) | || | Interest Revenue | | 1,200 | | || Dec. 31 | Rent Expense | 1,000 | | | ![Selected](https://www.yourwebsite.com/circle) | | | Prepaid Rent | | 1,000 | | || Dec. 31 | Interest Expense | 800 | | ![Selected](https://www.yourwebsite.com/circle) | || | Interest Payable | | 800 | | || Dec. 31 | Supplies Expense | 520 | | | ![Selected](https://www.yourwebsite.com/circle) | | | Supplies | | 520 | | |**Legend:**- ![Selected](https://www.yourwebsite.com/circle): Indicates the selection made for whether a reversing entry is necessary.### ExplanationClick [here](https://www.yourwebsite.com/explanation) for a detailed explanation of why reversing entries might be necessary for interest receivables and expenses but not for prepaid rent and supply expenses.### Additional Resources- [Adjusting Entries](https://www.yourwebsite.com/adjusting-entries)- [Reversing Entries](https://www.yourwebsite.com/reversing-entry)*Note: The linked images and URLs are placeholders and should be replaced with actual content when integrating into your educational website.*

First let us understand what are adjusting entries. Adjusting entries are entries made at the end of…

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Debit Credit Reversing entry Reversing entry necessary not necessary Dec. 31 Interest Receivable 1,200 O 1,200 31 Rent Expense 1,000 1,000 31 Interest Expense 800 800 31 Supplies Expense 520 Supplies Interest Revenue Prepaid Rent Interest Payable 520 O x 3 ?

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Debit Credit Reversing entry Reversing entry necessary not necessary Dec. 31 Interest Receivable 1,200 O 1,200 31 Rent Expense 1,000 1,000 31 Interest Expense 800 800 31 Supplies Expense 520 Supplies Interest Revenue Prepaid Rent Interest Payable 520 O x 3 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Current Attempt in Progress The bookkeeper for Sandhill Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b.. C No. a. b. C. D Interest on notes payable of $420 should be accrued. Services performed but unbilled totals $1,780. Salaries of $750 earned by employees have not been recorded or paid. Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Debit Credit www
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Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Reversing entry Reversing entry Debit Credit necessary not necessary Dec. 31 Interest Receivable 1,200 Interest Revenue 1,200 31 Deferred Insurance 965 Insurance Revenue 965 31 Salaries Expense 150 Salaries Payable 150 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 G
At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500. What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Under the direct write-off method, uncollectible accounts expense is recognized Multiple Choice O ① in an adjusting entry at the end of the accounting period. when an account is determined to be uncollectible. when the allowance account has a zero balance. in a closing entry at the end of the accounting period.
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Pp.53. Subject :- Account