Scot Company Prepared the Following Adjusting Entries at Year End

Essay

Scot Company prepared the following adjusting entries at year end on December 31, 2013:
(a) Interest Expense 100
Interest Payable 100
(b) Interest Receivable 150
Interest Revenue 150
(c) Salaries and Wages Expense 4,000
Salaries and Wages Payable 4,000
In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entries on January 1, 2014.