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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 69
Prepare any necessary adjusting entries at December 31, 2015, for Piper Company's year-end financial statements for each of the following separate transactions and events.
1. Piper Company records an adjusting entry for $10,000,000 of previously unrecorded cash sales (costing $5,000,000) and its sales taxes at a rate of 4%.
2. The company earned $50,000 of $125,000 previously received in advance for services.
1. Piper Company records an adjusting entry for $10,000,000 of previously unrecorded cash sales (costing $5,000,000) and its sales taxes at a rate of 4%.
2. The company earned $50,000 of $125,000 previously received in advance for services.
Explanation
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Verified
Current Liabilities
Liabilities represe...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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