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 Interest Expense 800 Interest Payable O 800 31 Deferred Rent Revenue 1,550 Rent Revenue O 1,550 450 o o 450 31 Advertising Expense Prepaid Advertising 31 Supplies Expense Supplies 520 o O 520 5