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 450 O 450 Dec. 31 Advertising Expense Prepaid Advertising 31 Deferred Advertising Advertising Revenue 880 o O 880 31 Taxes Expense 1,750 o O Taxes Payable 1,750 31 Salaries Expense 150 O Salaries Payable 150 5