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    Assignment On Adjusting Entries

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    Eryll
    Entity A made various transactions throughout the year that require adjusting entries to properly reflect the company's financial position at the end of the accounting period: 1) Rent was received in advance for the next accounting period so an unearned revenue account must be adjusted. 2) Interest expense on bonds payable has accrued but not been paid yet, so an accrued interest payable account needs adjustment. 3) December rent has been earned but not received yet, so an accrued rent receivable account requires adjustment. 4) Wages earned by employees in December must be recorded through an accrued wages payable adjustment. 5) Depreciation expense has accrued for machinery purchased mid-

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    Assignment On Adjusting Entries

    Uploaded by

    Eryll
    44 views1 page
    Entity A made various transactions throughout the year that require adjusting entries to properly reflect the company's financial position at the end of the accounting period: 1) Rent was received in advance for the next accounting period so an unearned revenue account must be adjusted. 2) Interest expense on bonds payable has accrued but not been paid yet, so an accrued interest payable account needs adjustment. 3) December rent has been earned but not received yet, so an accrued rent receivable account requires adjustment. 4) Wages earned by employees in December must be recorded through an accrued wages payable adjustment. 5) Depreciation expense has accrued for machinery purchased mid-

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    Assignment-on-Adjusting-Entries

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    Entity A made various transactions throughout the year that require adjusting entries to properly reflect the company's financial position at the end of the accounting period: 1) Rent was received in advance for the next accounting period so an unearned revenue account must be adjusted. 2) Interest expense on bonds payable has accrued but not been paid yet, so an accrued interest payable account needs adjustment. 3) December rent has been earned but not received yet, so an accrued rent receivable account requires adjustment. 4) Wages earned by employees in December must be recorded through an accrued wages payable adjustment. 5) Depreciation expense has accrued for machinery purchased mid-

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    44 views1 page

    Assignment On Adjusting Entries

    Uploaded by

    Eryll
    Entity A made various transactions throughout the year that require adjusting entries to properly reflect the company's financial position at the end of the accounting period: 1) Rent was received in advance for the next accounting period so an unearned revenue account must be adjusted. 2) Interest expense on bonds payable has accrued but not been paid yet, so an accrued interest payable account needs adjustment. 3) December rent has been earned but not received yet, so an accrued rent receivable account requires adjustment. 4) Wages earned by employees in December must be recorded through an accrued wages payable adjustment. 5) Depreciation expense has accrued for machinery purchased mid-

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    ADAPTED: Zeus Vernon B.

    Millan, Financial Accounting and Reporting – Fundamentals, 2018, 1 st


    Edition

    Assignment on Adjusting Entries

    1. Entity A rece
    on Septembe
    principal and
    What is the a
    amounts to t
    2. Entity A issue
    May 1, 20x1.
    and interest
    adjusting ent
    3. A tenant is re
    monthly rent
    has not yet p
    December 20
    Entity A on D
    4. Your employ
    of December
    to their paym
    5. On March 31
    P1,600,000.
    What is the a
    depreciation
    the acquisitio

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