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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO6 Pinto Company made the following adjusting entries at the end of the year. It is Pinto’s fifth year in operation. Prepare the appropriate reversing entry(ies).

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The answers to the Self-Study Test Questions are at the end of the chapter (pages 613–615).

To determine

Prepare appropriate reversing entry (ies) of Company P.

Explanation

Reversing entry: Entries made on the first day of the next accounting cycle, and it abridges the recording transactions in the different period. It is an opposite of adjusting entry.

Prepare reversing entry of Depreciation expense.

No, need to reverse the adjustment entry for depreciation expense, because, the adjusting entry does not increase an asset or liability from a zero balance.

Prepare reversing entry of interest payable.

DateAccount titles and ExplanationDebitCredi...

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