Global Corporation has completed all information processing including the annual financial statement.sat December 31, 2017. The adjusting entries recorded at that date were as follows:

Required

Indicate whether each of these adjusting entries is usually reversed. Prepare the reversing entry in each instance and explain the basis for the entry. If no reversing entry is needed, explain why.

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Insurance expense 250 a. Prepaid insurance 250 Interest receivable 400 b. 400 Interest revenue Supplies expense c. 90 Supplies inventory Depreciation expense Accumulated depreciation Wage expense Wages payable Interest expense Interest payable Income tax expense 90 3,000 d. 3,000 700 e. 700 f. 600 600 5,500 g. Income taxes payable 5,500