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reversing entry (if applicable) o

reversing entry (if applicable) o

FINANCIAL ACCOUNTING
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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Write the reversing entry (if applicable) or “NO RE” if not applicable. Thank you

ADJUSTING ENTRY 1. Depreciation Expense P35,000 Accumulated Depreciation- Equipt. P35,000 REVERSING ENTRY 2. Prepaid Taxes P 12,000 Taxes Expense P12,000 3. Insurance Expense P 10,000 Prepaid Insurance P10,000 4. Taxes Expense Taxes Payable P5,000 P5,000 5. Doubtful Accounts P20,000 Allowance for DA. P20,000 6. Unearned Revenue. P7,000 Service Income. P7,000 7. Interest Receivable P6,000 Interest Income P6,000 8. Rent Income P15,000 Unearned Rent. P15,000 9. Supplies Expense. P3,000 Supplies. P3,000 10. Supplies on Hand. P5,500 Supplies Expense. P5,500
Transcribed Image Text:ADJUSTING ENTRY 1. Depreciation Expense P35,000 Accumulated Depreciation- Equipt. P35,000 REVERSING ENTRY 2. Prepaid Taxes P 12,000 Taxes Expense P12,000 3. Insurance Expense P 10,000 Prepaid Insurance P10,000 4. Taxes Expense Taxes Payable P5,000 P5,000 5. Doubtful Accounts P20,000 Allowance for DA. P20,000 6. Unearned Revenue. P7,000 Service Income. P7,000 7. Interest Receivable P6,000 Interest Income P6,000 8. Rent Income P15,000 Unearned Rent. P15,000 9. Supplies Expense. P3,000 Supplies. P3,000 10. Supplies on Hand. P5,500 Supplies Expense. P5,500
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