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.

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 DebitCredit Reversing entry Reversing entry Description necessary not necessary Dec. 31Rent Expense 1,000 Prepaid Rent 1,000 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 31 Salaries Expense 150 Salaries Payable 150