The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office Salaries Payable (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited).Which account is likely to appear in Yellow's reversing entries?

Question

Quizplus · Accepted Answer

Reversing entries are typically made for accrued expenses or revenues. Office Salaries Payable is an accrued expense, so it is likely to be reversed.

The Yellow Company Made Year-End Adjusting Entries Affecting Each of the Following