121314151617Expo Company prepared the following adjusting entries at year end on December 31,20X7:(a) Interest ExpenseInterest Payable300300(b) Unearned Service RevenueService Revenue..1,5001,500(c) Insurance Expense..Prepaid Insurance1,2001,200150(d) Interest Receivable..Interest Revenue.150250(e) Supplies Expense..Supplies...2503,000(f) Wages Expense.Wages Payable .3,000In an effort to minimize errors in recording transactions, Expo Company utilizesreversing entries.Required: Prepare reversing entries.

Solution:- calculation of the reversing entries :- Following are the reversing enteries : Journal…

12 13 14 15 16 17 Expo Company prepared the following adjusting entries at year end on December 31, 20X7: (a) Interest Expense Interest Payable 300 300 (b) Unearned Service Revenue Service Revenue.. 1,500 1,500 1,200 (c) Insurance Expense.. Prepaid Insurance 1,200 150 (d) Interest Receivable.. Interest Revenue. 150 250 (e) Supplies Expense.. Supplies... 250 3,000 (f) Wages Expense. Wages Payable . 3,000 In an effort to minimize errors in recording transactions, Expo Company utilizes reversing entries. Required: Prepare reversing entries.

12 13 14 15 16 17 Expo Company prepared the following adjusting entries at year end on December 31, 20X7: (a) Interest Expense Interest Payable 300 300 (b) Unearned Service Revenue Service Revenue.. 1,500 1,500 1,200 (c) Insurance Expense.. Prepaid Insurance 1,200 150 (d) Interest Receivable.. Interest Revenue. 150 250 (e) Supplies Expense.. Supplies... 250 3,000 (f) Wages Expense. Wages Payable . 3,000 In an effort to minimize errors in recording transactions, Expo Company utilizes reversing entries. Required: Prepare reversing entries.

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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