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Adjusting entry
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I am preparing adjusting entries for dec 31 1) on nov 1, jay borrowed $9,000 from yorkville bank issuing a 90 day, 10% note. 2) on dec 1, jay gave laura palmer a 60 day, 12% note for $6000 on account. I wrote: cash 9,000 n/p 9,000 2) a/r ...
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1. An analysis of lee's service contracts with customers shows that $8,300 of the amount customers have prepaid remains unearned. And balance in adjusted trial balance for unearned service fees is 20000 credit. 2. Lee has earned but unrecorded revenue for $10,000 for services...
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(a) Employees, who are paid $7,500 every two weeks, have earned $5,250 since the last payment. The next payment of $7,500 will be on January 4. (b) Leeward rents office space to a tenant who has paid only $450 of the $1,125 rent for December. On January 12, the tenant will pay the remainder...
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2607 1.Physical count of inventory on Dec31,2006 indicated that the company had 480000$ of inventory on hand. 2.An aging of accounts receivable indicates that $75,000 is uncollectible 3.The company uses straight-line depriciation.The assets have a ten year life and zero salvage value. 4.The...
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I'm trying to do my accounting homework and I got stumped. Im doing an adjusting entry for Interest accrued on notes reveivable on may 31st for 100$. Would I debit notes recievable and credit interest income? View more questions Search
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