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Instruction: Determine if the following entries will be prepared with a reversing entry at the start of the new accounting period. Indicate "yes" or "No" in each item. XXX Company prepared the following adjusting entries on Dec 31, 2020. 1. Interest Receivable 17,000 Interest Income 17,000 # To record accrued interest at year-end. 2. Insurance Expense 25,000 Prepaid Insurance 25,000 # To record the expired portion of the insurance. 3. Salaries Expense 50,000 Salaries Payable 50,000 #To record the accrued salaries rendered by employees. 4. Office Supplies expense 3,000 Office supplies 3,000 # to record the supplies used in the period. 5. Utilities expense 10,000 Accounts Payable 10,000 # to record the utilities consumed for the current month.

Instruction: Determine if the following entries will be prepared with a reversing entry at the start of the new accounting period. Indicate "yes" or "No" in each item. XXX Company prepared the following adjusting entries on Dec 31, 2020. 1. Interest Receivable 17,000 Interest Income 17,000 # To record accrued interest at year-end. 2. Insurance Expense 25,000 Prepaid Insurance 25,000 # To record the expired portion of the insurance. 3. Salaries Expense 50,000 Salaries Payable 50,000 #To record the accrued salaries rendered by employees. 4. Office Supplies expense 3,000 Office supplies 3,000 # to record the supplies used in the period. 5. Utilities expense 10,000 Accounts Payable 10,000 # to record the utilities consumed for the current month.

FINANCIAL ACCOUNTING
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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Home Insert Design Layout References Mailings Help V Search A Share Review View ECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1:2.1·1. X::1·|:2·1·3·L:4•1•5:L• 6: 1·7:L· 8· 1· 9: · 10. 1 1: 1 · 12. 1· 13. 1· 14. |· 15. 1 16. 17.1 18. 1 19 Ass 2.9 Reversing Entries: Instruction: Determine if the following entries will be prepared with a reversing entry at the start of the new accounting period. Indicate "yes" or “No" in each item. XXX Company prepared the following adjusting entries on Dec 31, 2020. 1. Interest Receivable 17,000 Interest Income 17,000 # To record accrued interest at year-end. 2. Insurance Expense 25,000 Prepaid Insurance 25,000 # To record the expired portion of the insurance. 3. Salaries Expense 50,000 Salaries Payable 50,000 #To recore accrued salaries rendered by employees. 4. Office Supplies expense 3,000 Office supplies 3,000 # to record the supplies used in the period. 5. Utilities expense 10,000 Accounts Payable 10,000 # to record the utilities consumed for the current month. 122 wordds
Transcribed Image Text:Home Insert Design Layout References Mailings Help V Search A Share Review View ECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1:2.1·1. X::1·|:2·1·3·L:4•1•5:L• 6: 1·7:L· 8· 1· 9: · 10. 1 1: 1 · 12. 1· 13. 1· 14. |· 15. 1 16. 17.1 18. 1 19 Ass 2.9 Reversing Entries: Instruction: Determine if the following entries will be prepared with a reversing entry at the start of the new accounting period. Indicate "yes" or “No" in each item. XXX Company prepared the following adjusting entries on Dec 31, 2020. 1. Interest Receivable 17,000 Interest Income 17,000 # To record accrued interest at year-end. 2. Insurance Expense 25,000 Prepaid Insurance 25,000 # To record the expired portion of the insurance. 3. Salaries Expense 50,000 Salaries Payable 50,000 #To recore accrued salaries rendered by employees. 4. Office Supplies expense 3,000 Office supplies 3,000 # to record the supplies used in the period. 5. Utilities expense 10,000 Accounts Payable 10,000 # to record the utilities consumed for the current month. 122 wordds
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