Question Details

Prepare reversing entries on January 1, 2012, for the adjusting entries 



North Company prepared the following adjusting entries at year end on December 31, 2011:
(a)	Interest Expense		200
		Interest Payable			200

(b)	Unearned Revenue		1,500
		Service Revenue			1,500

(c)	Insurance Expense		1,200
		Prepaid Insurance			1,200

(d)	Interest Receivable		100
		Interest Revenue			100

(e)	Supplies Expense		250
		Supplies			250

(f)	Wages Expense		3,000
		Wages Payable			3,000
In an effort to minimize errors in recording transactions, North Company utilizes reversing entries.

Instructions
Prepare reversing entries on January 1, 2012, for the adjusting entries given where appropriate.




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