App Problem 2-81 Preparing Reversing Entries Log b. Prepare an accruauustu ... Rona Company is a calendar-year manufacturer. Rona is reviewing the following transactions for possibles ing entries at December 31, 2020. 1. One of Rona Company's liabilities is a 12%, 540,000 long-term note payable, which requires interes paid each March 1 and September 1. 2. Rona Company owns a $20,000, 10% bond, which it purchased at face value and which pays interest August 1 and February 1. 3. Rona Company performed and completed services for a customer in December for a $12,000 total fe: 1 customer was not billed and did not remit payment in the current year. The customer has a strong as rating. 4. Depreciation of $30,000 is to be recorded. 5. Salaries totaling $15,000 were earned but not paid or recorded at year-end. The first payroll in 200164 pected to total $45,000 6. Rona paid $4,800 cash for a one-year insurance policy on September 1, 2020. Rona records the full an! on September 1 as insurance expense. Required For each of the 6 items described above, provide the following: a. December 31, 2020, adjusting entry. b. January 1, 2021, reversing entry (if a reversing entry is not appropriate, explain why). c. Entry for the associated transaction to occur in 2021 if one is expected. USCU Statement of income. 1. App-Problem 2-81 Preparing Reversing Rona Company is a calendar-year manufacturer. Rona is reviewing the following transactions for possible adjust- Entries Log ing entries at December 31, 2020. One of Rona Company's liabilities is a 12%, $40,000 long-term note payable, which requires interest to be paid each March 1 and September 1. 2. Rona Company owns a $20,000, 10% bond, which it purchased at face value and which pays interest each August 1 and February 1. 3. Rona Company performed and completed services for a customer in December for a $12,000 total fee. The customer was not billed and did not remit payment in the current year. The customer has a strong credit rating. 4. Depreciation of $30,000 is to be recorded. 5. Salaries totaling $15,000 were earned but not paid or recorded at year-end. The first payroll in 2021 is ex- pected to total $45,000. 6. Rona paid $4,800 cash for a one-year insurance policy on September 1, 2020. Rona records the full amount on September 1 as insurance expense. Required For each of the 6 items described above, provide the following: a. December 31, 2020, adjusting entry. b. January 1, 2021, reversing entry (if a reversing entry is not appropriate, explain why). c. Entry for the associated transaction to occur in 2021 if one is expected