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Prepare the reversing entries that could be recorded

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Reference no: EM133132355

Question - At the end of its fiscal year, Teal Mountain Consulting had the following adjusting entries.

GENERAL JOURNAL

J1

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

Interest Receivable

590

Interest Revenue

590

31

Supplies Expense

1,720

Supplies

1,720

31

Insurance Expense

1,320

Prepaid Insurance

1,320

31

Depreciation Expense

1,150

Accumulated Depreciation-Equipment

1,150

31

Salaries Expense

1,240

Salaries Payable

1,240

31

Interest Expense

80

Interest Payable

80

Required - Prepare the reversing entries that could be recorded at the beginning of the new fiscal year.

Reference no: EM133132355

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