On December 31, 2016, Mason Company made the following proper year-end adjusting entries: Required: 1. Prepare journal
Question:
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 Debs Expense 31 Salaries Expense 31 Unearned Rent 31 Interest Expense 31 Rent Receivable 31 Depreciaton Expense 31 Insurance Expense 31 InstReceivablo (due February 1, 2018) 31 Office Supplies 31 Advances to Salespersons 31 Incomo Tax Expense Allowance for Doubtful Accounts Salaries Payable Rent Revenue Interest Payable (due July 1. 2017) Rent Revenue Accumulated Depreciation Prepaid Insurance Inerest Revenue Office Supplies Expense Salaries Expense income Taxes Payable 530 940 ,230 220 310 5,100 312 225 100 300 4,300 530 940 1,230 220 823310 5,100 312 225 100 300 4,300
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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