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Prepare reversing entries on january-1-2021

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Reference no: EM132315928

Question

Indio Company prepared the following adjusting entries at year end on December 31, 2020:

(a) Interest Expense      280    Interest Payable   280

(b)Interest Receivable    540    Interest Revenue   540

(c)Salaries and Wages Expense     5,300     alaries and Wages Payable     5,300

In an effort to minimize errors in recording transactions, Indio Company utilizes reversing entries. Prepare reversing entries on January 1, 2021.

Reference no: EM132315928

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