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Posted on Jun 13, 2024

Indio Company prepared the following adjusting entries at year end on December 31, 2020: (a)Interest Expense280Interest Payable280(b)Interest Receivable 540 Interest Revenue 540 (c)Salaries and Wages

Indio Company prepared the following adjusting entries at year end on December 31, 2020:

(a)Interest Expense280Interest Payable280(b)Interest Receivable540Interest Revenue540(c)Salaries and Wages Expense5,300Salaries and Wages Payable5,300

In an effort to minimize errors in recording transactions, Indio Company utilizes reversing entries. Prepare reversing entries on January 1, 2021.

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