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Problem - Reversing Entries - On December 31, 2019, Kellams Company made the following adjusting entries for its annual accounting period:
Depreciation Expense
2,400
Accumulated Depreciation
To record depreciation on buildings.
Interest Receivable
500
Interest Revenue
To record interest on note receivable due January 28, 2020.
Rent Expense
400
Prepaid Rent
To record expired prepaid rent.
Interest Expense
620
Interest Payable
To record interest on note payable due March 16, 2020.
Required - Prepare whatever reversing entries are appropriate.
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