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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 28
Recording adjustments for accrued and prepaid expense items and unearned income.
On July 1, 2013, Shawn Smith established his own accounting practice. Selected transactions for the first few days of July follow.
INSTRUCTIONS
1. Record the transactions on page 1 of the general journal. Omit descriptions. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability.
2. Record the adjusting journal entries that must be made on July 31, 2013, on page 2 of the general journal. Omit descriptions.
Analyze: What balance should be reflected in Unearned Accounting Fees at July 31, 2013?
On July 1, 2013, Shawn Smith established his own accounting practice. Selected transactions for the first few days of July follow.
INSTRUCTIONS
1. Record the transactions on page 1 of the general journal. Omit descriptions. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability.
2. Record the adjusting journal entries that must be made on July 31, 2013, on page 2 of the general journal. Omit descriptions.
Analyze: What balance should be reflected in Unearned Accounting Fees at July 31, 2013?
Explanation
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1.
The transactions should be recorded ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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