On December 31, 2013, Mason Company made the following proper year-end adjusting entries: Required: 1. Prepare journal
Question:
On December 31, 2013, Mason Company made the following proper year-end adjusting entries:
Required:
1. Prepare journal entries to record whatever reversing entries you think are appropriate.
2. Explain your reasoning for each reversing entry.
Transcribed Image Text:
Date Account Titles Debit Credit Dec. 31 Bad Debts Expense 530 530 940 1,230 220 310 5,100 312 225 100 300 4,300 Allowance for Doubtful Accounts 31 Salaries Expense 940 Salaries Payable 31 Unearned Rent 1,230 220 310 5,100 312 Rent Revenue 31 Interest Expense Interest Payable (due July 1, 2014) 31 Rent Receivable Rent Revenue 31 Depreciation Expense Insurance Expense Interest Receivable (due February 1, 2015) Office Supplies Advances to Salespersons Accumulated Depreciation 31 31 31 Prepaid Insurance 225 Interest Revenue 100 Office Supplies Expense Salaries Expense Income Taxes Payable 31 300 31 Income Tax Expense 4,300
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2014 Jan 1 Salaries Payable 940 Salaries Expense 940 When salaries are actually paid the total ...View the full answer
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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