Actually it's the 'WS' rows 1, 3, 5 and 7 that you would work reversed and leave the even rows the same. Yes you drop off a k1 at the beginning and end of the rows, so where it says 'k5' you would really do a k4.
Rows 1 and 3 would be,' k4, p2 across' and 5 and 7 are ' p2, k4'. Row 2 is c4f, p2 across. Row 4 is supposed to be offset so you begin with p2, cable back, and end with k4.
sue- knitting heretic