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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 18
Adjusting and closing entries.
Williams Cleaning and Maintenance, owned by Jay Williams, provides cleaning services to hotels, motels, and hospitals. On January 31, 2013, the firm's worksheet showed the following adjustment data. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are also given.
INSTRUCTIONS
1. Record the adjusting entries in the general journal, page 3.
2. Record the closing entries in the general journal, page 4. Use account numbers provided on page 186 for any account number not given.
Analyze: What effect did the adjusting entry for expired insurance have on the Insurance Expense account?
Williams Cleaning and Maintenance, owned by Jay Williams, provides cleaning services to hotels, motels, and hospitals. On January 31, 2013, the firm's worksheet showed the following adjustment data. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are also given.
INSTRUCTIONS
1. Record the adjusting entries in the general journal, page 3.
2. Record the closing entries in the general journal, page 4. Use account numbers provided on page 186 for any account number not given.
Analyze: What effect did the adjusting entry for expired insurance have on the Insurance Expense account?
Explanation
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$8,580 worth of supplies used is the...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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