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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 37
Recording Journal Entries and Determining Net Income
Rowland Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 2013:
Required:
Prepare accrual basis journal entries for each transaction. Be sure to categorize each account as an Asset (A), Liability (L), Stockholders' Equity (SE), Revenue (R), or Expense (E). Also, calculate the company's preliminary net income.
Rowland Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 2013:
Required:
Prepare accrual basis journal entries for each transaction. Be sure to categorize each account as an Asset (A), Liability (L), Stockholders' Equity (SE), Revenue (R), or Expense (E). Also, calculate the company's preliminary net income.
Explanation
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Accounting equation: This is the equatio...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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