Reversing Entries On December 31, 2007 Adams Company made the following adjusting entries for its annual accounting period:
|
Depreciation Expense |
2,400 |
|
Accumulated Depreciation |
2,400 |
|
To record depreciation on buildings. |
|
|
Interest Receivable |
500 |
|
Interest Revenue |
500 |
|
To record interest on note receivable due January 28, 2008. |
|
|
Rent Expense |
400 |
|
Prepaid Rent |
400 |
|
To record expired prepaid rent. |
|
|
Interest Expense |
620 |
|
Interest Payable |
620 |
|
To record interest on note payable due March 16, 2008. |
Required
Prepare whatever reversing entries are appropriate.