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 Reversing entry Reversing entry necessary not necessary Dec. 31 Deferred Insurance 965 Insurance Revenue 965 31 Interest Expense 800 Interest Payable 800 31 Supplies Expense 520 Supplies 520 31 Salaries Expense 150 Salaries Payable 150