Journalize the reversing entry on January 1 of the current year for the following adjusting journal entry from the prior year:
?
Journal DateDescriptionPost Ref.DebitCreditDec. 31Insurance Expense 2,500 Insurance Payable
2,500?
What will be an ideal response?
The reversing entry is the exact opposite of the related adjusting entry:?
| Journal | ||||
| Date | Description | Post Ref. | Debit | Credit |
| Jan. 1 | Insurance Payable | 2,500 | ||
| Insurance Expense | 2,500 | |||
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