Chat with AI
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 16
Preparing Journal Entries for Deferral Transactions and Adjustments
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31.
a. Magnificent Magazines received $12,000 on December 31, 2013, for subscriptions to magazines that will be published and distributed in January through December 2014-
b. Walker Window Washing paid $1,2C0 cash for supplies on December 31, 2013. As of January 31, 2014, $200 of these supplies had been used up.
c. Indoor Raceway received $3,000 on December 31, 2013, from race participants for providing services for three races. One racc is held January 31, 2014, and the other two will be held in March 2013.
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31.
a. Magnificent Magazines received $12,000 on December 31, 2013, for subscriptions to magazines that will be published and distributed in January through December 2014-
b. Walker Window Washing paid $1,2C0 cash for supplies on December 31, 2013. As of January 31, 2014, $200 of these supplies had been used up.
c. Indoor Raceway received $3,000 on December 31, 2013, from race participants for providing services for three races. One racc is held January 31, 2014, and the other two will be held in March 2013.
Explanation
Verified
Verified
a. On December 31, 2013 initial journal ...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
