Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Debit Credit necessary Reversing entry Reversing entry not necessary Dec. 31 Salaries Expense 150 Salaries Payable 150 31 Supplies Expense 520 Supplies 520 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 31 Accounts Receivable 2,000 Service Revenue 2,000 X ?