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Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as
Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. (Record the entries in the order given. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 4 Record the first reversing entry required Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2020 Credit Debit 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 3,615.00 Allowance for Doubtful Accounts 3,615.00 To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales, $723,000 (Adjustment b) 31 Supplies Expense 4,500.00 Supplies To record supplies used during the year 4,500.00 (Adjustment c) 31 Insurance Expense 1,290.00 Prepaid Insurance To record expired insurance on 1-year $5,160 policy purchased 1,290.00 on oct. 1 (Adjustment d) 31 Depreciation. Exp.-Store Equipment 14,100.00 Accum. Depreciation-Store Equip To record depreciation 14, 180.e0 (Adjustment e) 31 Salaries Expense-Office 2,600.00 Salaries Payable To record accrued salaries for Dec. 29-31 2,600.00 (Adjustment f) 31 Payroll Taxes Expense 198.90 Social Security Tax Payable Medicare Tax Payable To record accrued payroll taxes on accrued salaries: social security, 6.2% x 2,600- $161.20; Medicare, 1.45% x 2,600- $37.70 161.20 37.70 (Adjustment g) 180.80 1 Interest Expense Interest Payable To record accrued interest on 4-month, 6% trade note payable dated Nov. 1: $18,000 x 9.06 x 2/12 $180.00 180.00 (Adjustment h) 31 Interest Receivable 210.00 Interest Income To record interest earned on 6-month, 8% note receivable dated Oct. 1: $8,400 x e.1x 3/12- $210.8e 210.00 Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. (Record the entries in the order given. Round your answers to 2 decimal places.) View transaction list
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