Required: Prepare the reversing entries. Completing the Accounting Cycle 285 NAME: SECTION: SCORE: PROFESSOR: Problem...
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Accounting
Required: Prepare the reversing entries. Completing the Accounting Cycle 285 NAME: SECTION: SCORE: PROFESSOR: Problem #6 Preparing the Reversing Entries Some of the adjusting entries of the Sherwin Mark De Oro Apartments on Dec. 31, 2020 is presented below: 2020 Dec. 31 25,000 Prepaid Insurance Insurance Expense To record unexpired insurance at year- end. 25,000 31 17,000 17,000 31 Interest Receivable Interest Income To record crued interest at year-end. Office Supplies Expense Office Supplies To record office supplies used during the period. 50,000 50,000 31 Depreciation Expense Accumulated Depreciation To record depreciation for the year. 125,000 125,000 31 35,000 35,000 31 Salaries Expense Salaries Payable To record salaries accrued at year-end. Rent Revenues Unearned Rent Revenues To record liability of unearned rent revenue at year-end. 80,000 80,000
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