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 o O 965 31 Insurance Expense 890 Prepaid Insurance o 890 31 Taxes Expense 1,750 O O 1,750 Taxes Payable 31 Supplies Expense Supplies 520 O 520 X 6