Business, 21.04.2020 03:23 Meloriew7272

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required:
1. Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed.
Date Description Debit Credit Reversing entry necessary Reversing entry not necessary
Dec. 31: Taxes Expense 1,750 Taxes Payable 1,750
31 Deferred Rent Revenue 1,550 Rent Revenue 1,550
31 Accounts Receivable 2,000 Service Revenue 2,000
31 Utilities Expense 565 Utilities Payable 565

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Certain adjusting entries made at the end of an accounting period are reversed at the beginning of t...

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