Inigo Company Prepared the Following Adjusting Entries at Year End

question 27

Essay

Inigo Company prepared the following adjusting entries at year end on December 31, 2018: In an effort to minimize errors in recording transactions, Inigo Company utilizes reversing entries. Prepare reversing entries on January 1, 2019.

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Definitions:

Lowest Terms

The most basic version of a fraction in which both the numerator and denominator are minimized to their lowest possible figures, yet the fraction's value remains unchanged.

Mixed Numbers

A number consisting of an integer and a fraction, used to represent quantities that are more than a whole but less than the next whole number.

Improper Fractions

Fractions in which the numerator is at least as large as the denominator.

Lowest Terms

The most reduced form of a fraction, where the numerator and denominator are the smallest whole numbers possible.