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Prepare reversing entries for the adjustments

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Problem - Sara Wilson owns and operates Home Electronics. She has a store where she sells and repairs televisions and stereo equipment. A completed work sheet for 20-1 is provided below. Sara made a $20,000 additional investment during 20-1. The current portion of Mortgage Payable is $1,000. Net credit sales for 20-1 were $200,000, and the balance of Accounts Receivable on January 1 was $26,000. Prepare reversing entries for the adjustments where appropriate.

Reference no: EM132722209

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