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PROCESS AND FINANCIAL STATEMENTS Reversing entries: Selecting which entries should be reversed Certain adjusting entries...

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Accounting

PROCESS AND FINANCIAL STATEMENTS Reversing entries: Selecting which entries should be reversed Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Dec. 31 Deferred Advertising Advertising Revenue 31 Salaries Expense Salaries Payable 31 Advertising Expense Prepaid Advertising 31 Deferred Insurance Insurance Revenue Debit 880 150 450 965 Credit 880 150 450 965 Reversing entry Reversing entry necessary not necessary O O O O 1/5 Austir
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Certain adjusting entries made at the end of an occounting penod are reversed at bhe beginning of the following period Required: Analyze the following four adjustibt eatoses made on Decomber 31 ; and determine whether a reversing sotry is needed. Certain adjusting entries made at the end of an occounting penod are reversed at bhe beginning of the following period Required: Analyze the following four adjustibt eatoses made on Decomber 31 ; and determine whether a reversing sotry is needed

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