North Company prepared the following adjusting entries at year end on December 31, 2014: 
In an effort to minimize errors in recording transactions, North Company utilizes reversing entries.
Instructions
Prepare reversing entries on January 1, 2014, for the adjusting entries given where appropriate.
Definitions:
Exclusive Territorial Rights
Rights granted to a party to be the sole provider or seller of a product or service within a specific geographical area.
Antitrust Laws
Legislation designed to promote competition and prevent monopolies by regulating anti-competitive conduct among companies.
Wrongfully Terminated
Dismissed from employment for illegal reasons or in ways that breach the terms of the contract or labor laws.
Franchisor
The party in a franchising agreement that grants the franchisee the right to operate a business under its trademark or trade name.
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