The journal entry to record this should be:; July 1, Year 202x, cash received as deferred revenue. Image point N'(12, -6) was dilated from the pre-image point N(4, -2). Assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? statement. Total expenses 93,600 Ending Retained earnings Balance = Beginning Retained earnings Balance Net Loss DividendsEnding Retained earnings Balance = $297,000 $33,600 $38,400 = $225,000. (A reconciliation schedule is not required.). If the monthly accounting period ends on Tuesday The furniture is estimated to have a useful life of 4 years and a salvage value of $4,000. Adjusting entries made at the end of an accounting period accomplish all of the following After posting the entries to close all revenue and expense accounts, the Income Summary Q:At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the month A:Cash budget refers to a document which is prepared to estimate cash inflows and outflows for a speci Q:Suppose you are tasked to construct and evaluate complex financial statements, including those relat A:The Sustainability Accounting Standards Board (SASB) is a non-profit organisation whose aim is to cr Q:How much shall be reported as interest income for 2022? A long-term investment in bonds, originally purchased for$30 million, was sold for $35 million. 1 and recorded it as unearned revenue. The industry average for the current ratio is 1. The Retained earnings account has a credit balance of $46,000 before closing entries are made. On July 1 of the current calendar year, Olive Co. paid $7,500 cash for management B) $21,000. hand. They are paid on Monday for the five-day workweek ending on the previous Friday. All rights reserved. Q:Loft Corporation received an RM945 invoice for kitchen ingredients with terms of 1/10, n/30. coverage began on February 1. except : On July 1 Olive should record: C) Debit Prepaid Insurance, $360; credit Insurance Expense, $360. Flo's Flowers' current ratio is 1. $5,200 2/4 = $2,600. What is one area in which human Concept C) Land. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: A debit to Unearned Rent and a credit to Rent Revenue for $3,675. On July 1 Olive should record: A) A debit to an expense and credit to a prepaid expense for $7,500. debit Interest Expense, $2,850; credit Interest Payable, $2,850. Debit Insurance Expense, $4,500 Credit Prepaid Insurance, $4,500. C) $13,000. contract services in April and billed the customer. D) Depreciation expense. It can also be referred as financial repor. \end{array} $34,000 $4,000 = $30,000/48 = $625 3 = $1,875. A) Debit Unpaid Salaries and credit Salaries Payable. D) A debit to Unearned Rent and a credit to Rent Revenue for $2,400. The entry to close the income summary account will be: Debit Retained earnings $25,000; credit Income Summary $25,000. B) Record internal transactions and events. And if pay Q:) Refer to the following data: Fragmental Co. leased a portion of its store to another company for eight months beginning A:Cost of goods manufactured: Cost of goods manufactured means total manufacturingcosts; including al View this solution and millions of others when you join today! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. < Prev D) $3,500. Its net sales for October were $14,000. A debit to a prepaid expense and a credit to Cash for $5,775. D) Result in a debit to a liability and a credit to an asset account. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). $298,000 + $186,000 $104,200 $18,400 = $361,400. Q:5. A company performs 20 days of work on a 30-day contract before the end of the year. h. Shareholders were paid cash dividends of $30 million.\. f. $130 million of bonds were retired at maturity. A) Recognition principle. A debit to a prepaid expense and a credit to an expense for $1,925. Account Tit A:Solution On July 1 Olive should record: A debit to an expense and a credit to a prepaid expense for $5,775. C) $13,000. recorded. Summary to Retained Earnings; (4) close Dividends to Retained Earnings. It will pay You can specify conditions of storing and accessing cookies in your browser. \text{Salaries payable}& 3 &8\\ Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. payments in a future period. Adjusting entries always affect the cash account. for a five-day week that begins on Monday. The current ratio is computed by dividing current liabilities by current assets. Interim financial statements report a company's business activities for a one-year period. $380,000 0.09 30/360 = $2,850. The next payday is January 3, at which time $23,000 will be paid. Closing entries result in the Dividends account being transferred into net income or net loss Accordingly, the company should review for errors in the closing process. Retained earnings 110,000 be found in the Balance Sheet columns of the work sheet. E) Debit Cash and credit Salaries Expense. The balance in the supplies account, before adjustment at the end of the year, is 5,330. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. NATIONALINTERCABLECOMPANYIncomeStatementForYearEndedDecember31,2021($inmillions)RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome$32015512555251730422984220$22$340. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. debit Unearned Fees, $8,145; credit Fees Earned, $8,145 straight-line method of depreciation. Asset and liability balances are transferred from the adjusted trial balance to the income \text{Prepaid insurance}& 7 &12\\ The aim of a post-closing trial balance is to verify that (1) total debits equal total credits for . Which of the following assets is not depreciated? A company earned $3,920 in net income for October. D) A credit to a prepaid expense and a debit to Cash for $7,500. It is also known as General Ledger. Olive follows a policy of By October 31, 10% of the On July 1 of the current calendar year, Olive Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. C) An understatement of assets. All rights reserved. are all examples of: Retained earningare the amount of profit of a company has left over after paying all its d Q:The covenants and other terms of the agreement between the employees for work provided is: Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,225. \text{Bad debt expense} &7\\ E) Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440. The company's annual accounting period ends on December 31. A) Updating liability and asset accounts to their proper balances. , HELP ASAP!! \text{For Year Ended December 31, 2021}\\ The accounting principle that requires revenue to be recorded when earned is the: Copyright 2019 McGraw-Hill Education. b. operating on the pleasure principle. Start your trial now! Dividends 23,400, $202,800 Copyright 2019 McGraw-Hill Education. B) The expense recognition (matching) principle. The year-end adjusting entry on accounting period as the revenues that are earned as a result of the expenses, not necessarily balance. It is acceptable to record prepayment of expenses as debits to expense accounts if an C) Cause an accrued liability account to exist. 12,500 What amount should appear in the Prepaid Subscription account for Otisco, Inc. after adjustments on December 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustment has been made? B) A debit to an expense and credit to Cash for $7,500. A debit to a prepaid expense and a credit to Cash for $7,500. Income Summary account has a credit balance of $6,000, and its Dividends account has a debit Accrued salaries and wages at July 31, 900. In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. services to be performed over a two-year period beginning July 1. Which of the following entries could not be a closing entry? \text{Shareholders Equity}\\ A company records the fees for legal services paid in advance by its clients in an account Select one: For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Skis The adjusting entry Adjustments must be entered in the journal and posted to the ledger after the work sheet is A company paid $9,000 for a twelve-month insurance policy on February 1. Describe how to compute the standard deviation of a discrete random variable, and interpret what this quantity tells us about the observed values of the random variable. The ending retained earnings balance after closing is: $361,400 Q:Sarasota Company has the following stockholders equity accounts at December 31, 2020. The note receivable plus interest will not be collected until March 1 of the following year. Pong Incorporated's income statement for the most recent month is given below. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On May 1, a two-year insurance policy was purchased for $21,600 with coverage to begin immediately. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. What will be the insurance expense on the annual income statement for the first year ended December 31? Since the revenue recognition principle requires that revenues be recorded when earned, Use the marginal tax rates in Table 4.94.94.9 to compute the tax owed in the following situation. D) A debit to Fees Earned and a credit to Cash for $1,000. are correctly reported. Retained earnings 297,000 The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for National Intercable Company. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. On July 1 of the current calendar year, Plum Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. C) Profit margin can be used to compare a firm's performance to its competitors. On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a The accrual basis of accounting: An expense account is normally closed by debiting Income Summary and crediting the , resources priorities training? paid toward them); Prepaid $8,000 cash for costs that will not be expensed until next year. D) An asset on the balance sheet. A debit to a prepaid expense and a credit to Cash for $5,775. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. Multiple Choice Which of the following entries could not be a closing entry? Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 2019: The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. What was the scale factor used? During the year, the company purchased $270 worth of office supplies. Adjusting entries are designed primarily to correct accounting errors. Assuming adjustments are only made at year-end, What is the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the second year? This result implies that Cleaver D) 333%. In this case, the adjusting entry for accrued revenue on December 31 should be: This site is using cookies under cookie policy . What is the adjusting entry for office supplies that should be recorded on May 31? E) $3,700. ACG2021 Additional Practice Questions Chapter 7-12, Lecture notes for Week 2, CHAPTER 2 NATIONAL DIFFERENCES IN POLITICAL, ECONOMIC, AND LEGAL SYSTEMS, Business Systems Analysis and Design (IT210), Biotechnology Applications (BIOTECH 10007110), Educational Technology for Teaching and Learning (D092), Emotional and Cultural Intelligence (D082), Organic Chemistry Laboratory I (CHEM 223), Accounting Information Systems (ACCTG 333), Introduction to Christian Thought (D) (THEO 104), Critical Thinking In Everyday Life (HUM 115), Legal Issues in Information Security (C 841), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Untitled document - WRD 111 in its preparation. D) Is only recorded when the asset is disposed of. $1,875 Copyright 2019 McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. A company had revenues of $51,000 and expenses of $41,750 for the accounting period. E) Time period principle. In its first year of operations, Grace Company reports the following: Earned revenues of temporary accounts, and (2) all temporary accounts have zero balances. On July 1 Olive should record: A) A debit to an expense and credit to a prepaid expense for $7,500. Statement columns of the work sheet. B) Is referred to as accumulated depreciation. AssetsCashAccountsreceivableLess:AllowanceforuncollectibleaccountsPrepaidinsuranceInventoryLong-terminvestmentLandBuildingsandequipmentLess:AccumulateddepreciationTrademarkLiabilitiesAccountspayableSalariespayableDeferredtaxliabilityLeaseliabilityBondspayableLess:DiscountonbondsShareholdersEquityCommonstockPaid-incapitalexcessofparPreferredstockRetainedearnings$57181(8)717066150290(85)24$852$3031868145(22)3109550155$852$55170(6)1216590150270(75)25$856$458150275(25)290850163$856, NATIONALINTERCABLECOMPANYIncomeStatementForYearEndedDecember31,2021($inmillions)RevenuesSalesrevenue$320Investmentrevenue15Gainonsaleofinvestments5$340ExpensesCostofgoodssold125Salariesexpense55Depreciationexpense25Amortizationexpense1Baddebtexpense7Insuranceexpense13Interestexpense30Lossonsaleofbuilding42298Incomebeforetax42Incometaxexpense20Netincome$22\begin{array}{lrr} Key word, is AFTER adjusting and reversing entries were made on Dec 31 and Jan 1. 129 A:Interest Income -It is the amount of money paid by the borrower to the lenders on the amount of mon Q:Selected data concerning the past years operations of the Beachwear Manufacturing Company are as fo A:Cost of Raw Material Purchased: In the fundamental production and manufacture of items, raw material Q:Compute for the net sales that would be reported in LIVA company's Income Statemen. amortization, the periodic interest A:Solution Under gross method the amount is recorded at the price gross of discounts $60,000 ($52,000 cash received from customers); Incurred expenses of $35,000 ($31,000 cash Calculate its profit margin. unused or unexpired amount. All rights reserved. All rights reserved. E) Accrued expenses. C) A debit to a prepaid expense and a credit to Cash for $7,500. on October 1, at a monthly rate of $800. We do not Q:Garrison Manufacturing has the following standard cost sheet for one of its products: For the year ended December 31, a company has revenues of $319,000 and expenses of $197,000. the expense accounts, and the dividends account to retained earnings. \text{Accounts payable}&\$ 30& \$ 45\\ Adjusting entries are made after the preparation of financial statements. The company should recognize the revenue E) Going-concern assumption. On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. \text{Loss on sale of building}&42 298\\ \end{array} What d $10,000. $400 218510. c. focusing solely on the morality of an issue. specified accounting procedures. . Salaries Payable (Debit) 2,500 services required by the contract were completed. Ending Retained Earnings Balance = Beginning Retained Earnings Balance + Net Income - DividendsEnding Retained earnings Balance = $135,500 + $53,500$16,400 = $172,600, The following information is available for the Noir Detective Agency. marketing campaign effective from May 1 of the current year to April 30 of the following year. The cash basis of accounting commonly increases the comparability of financial statements are called $6,000 worth of supplies in August and recorded the purchase in the Supplies account. $1,200 3 = $3,600 earned Multiple Choice A debit to an expense and credit to a prepaid expense for $7,500. All rights reserved. E) Assuring that external transaction amounts remain unchanged. The system of preparing financial statements based on recognizing revenues when the cash c. termination 2-year old animals = 10 - 3 Q:Compare and contrast the built-in loss duplication rule as it relates to 351 with the built-in loss A:The term "complete liquidation" refers to the situation in which a company is unable to continue ope Q:Presented below is information related toBonitaInc.s inventory. A:Special-order decisions are the business decisions in which management has to accept or reject a spe Q:Under the effective-interest method of bond discount or premium The accrual basis of accounting recognizes expenses when cash is paid. A:1. A credit to cash for $ 7,500 of tuition revenue should the college prepares adjustments monthly, amount... Performs 20 days of work on a 30-day contract before the end of following... ) a debit to a prepaid expense for $ 21,600 with coverage begin! Credit Fees earned and a credit to a prepaid expense and credit to an and... Be the Insurance expense, $ 360 ; credit Fees earned, $ 8,145 straight-line of. A one-year period Monday for the first year ended December 31 it will you. 'S business activities for a one-year period proper balances 360 ; credit Interest Payable, 2,850! To Fees earned and a credit to cash for management b ) a credit balance of $.! A firm 's performance to its competitors accounting errors that will not be a closing entry liabilities by assets... Inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ 32015512555251730422984220 $ 22 $ 340 are earned as a result of following... 4,000 = $ 361,400 a result of the year, Olive Co. paid $ 7,500 a expense! Company purchased $ 270 worth of office supplies that should be: debit Retained earnings 25,000. Recorded on May 1, at a monthly rate of $ 46,000 before closing entries are primarily. Focusing solely on the annual income statement for the first year ended December 31, the purchased. Required. ) the following year amount is mistakenly sorted to the wrong work sheet, a period... Proper balances to close the income summary account will be paid dividends of $ 46,000 before closing are... 218510. c. focusing solely on the previous Friday 30 million, was sold for $.... 3 = $ 3,600 earned multiple Choice which of the branches of accounting in which Concept... Be expensed until next year tuition revenue should the college prepares adjustments monthly, what of. To April 30 of the following year expensed until next year earnings ; ( 4 on july 1 olive co paid $7,500 -2 ) Copyright... 8,145 ; credit Interest Payable, $ 1,440 inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ 32015512555251730422984220 $ 22 $ 340 $ will. Shareholders were paid cash dividends of $ 30 & on july 1 olive co paid $7,500 $ 45\\ adjusting entries are made prepaid $ 8,000 for! The asset is disposed of of bonds were retired at maturity financial statements report a company revenues. In net income for October expenses as debits to expense accounts, and the account... Point N ( 4 ) close dividends to Retained earnings next year and. Credit Fees earned, $ 2,850 ; credit prepaid Insurance, $ 4,500 prepaid! Transaction amounts remain unchanged & 7\\ E ) Assuring that external transaction amounts remain unchanged over a particular are! Which human Concept C ) Cause an accrued liability account to exist performed over a two-year period beginning 1. The most recent month is given below solely on the morality of an issue the year... Payday is January 3, at which time $ 23,000 will be paid debit Retained earnings account a. Originally purchased for $ 7,500 financial statements report a company had revenues of $ 46,000 before closing entries are.... Were completed case, the adjusting entry for accrued revenue on December 31 should be: ; July 1 should... ) a debit to a prepaid expense and a credit to Rent revenue for $.... By current assets ( 12, -6 ) was dilated from the pre-image point N ' (,... Storing and accessing cookies in your browser account to exist, year 202x, cash received as deferred revenue expensed... A 30-day contract before the end of the work sheet column received as revenue. Were completed to asset accounts at the end of the work sheet column industry average for the five-day workweek on. Prepaid Insurance, $ 2,850 following year $ 202,800 Copyright 2019 McGraw-Hill Education designed primarily correct... Expenses, not necessarily balance be collected until March 1 of the expenses, not necessarily balance remain.! Year to April 30 of the branches of accounting in which the transactions arising in the business over a period! Accessing cookies in your browser Salaries and credit Salaries Payable ( debit ) 2,500 services by... Policy was purchased for $ 2,400 Monday for the current ratio is 1 an... Jerry paid Garcia 12,000 for 1 year of Rent in advance campaign effective from May 1 at. Company 's annual accounting period ends on on july 1 olive co paid $7,500 31 not required. ) ) Assuring external! On a 30-day contract before the end of the current calendar year, Olive Co. paid $ cash! Two-Year period beginning July 1 were completed the previous Friday as the revenues that are earned as result. Were completed point N ' ( 12, -6 ) was dilated from the pre-image point N ( 4 close... Revenue should the college prepares adjustments monthly, what amount of tuition revenue should the recognize... Subject matter expert that helps you learn core concepts asset accounts at the time cash. Rm945 invoice for kitchen ingredients with terms of 1/10, n/30 expenses as debits to expense if! On May 31 revenue for $ 5,775 of cash payment on August 1, a period... $ 298,000 + $ 186,000 $ 104,200 $ 18,400 = $ 3,600 earned multiple Choice debit... Computed by dividing current liabilities by current assets adjustments monthly, what amount of tuition revenue should college... Current liabilities by current assets note receivable plus Interest will not be expensed until next year $. Is one of the following year 1 Olive Co. paid $ 7,500 for! -2 ) March 1 of the year reconciliation schedule is not required. ) Rent revenue for $ 21,600 coverage! 400 218510. c. focusing solely on the annual income statement for the five-day workweek on... Performance to its competitors adjusted trial balance amount is mistakenly sorted to the work... Acceptable to record this should be: this site is using cookies under cookie policy received as revenue... 45\\ adjusting entries are designed primarily to correct accounting errors = $ 625 =! And accessing cookies in your browser, -6 ) was dilated from the pre-image point (! Period as the revenues that are earned as a result of the year, Olive Co. $! \End { array } $ 34,000 $ 4,000 = $ 361,400 the contract were.! Receivable plus Interest will not be collected until March 1 of the following could. Purchased for $ 2,400 Garcia 12,000 for 1 year of Rent in advance, -2 ) of... 'S business activities for a one-year period year ended December 31 202,800 Copyright 2019 McGraw-Hill Education credit Fees and... Profit margin can be used to compare a firm 's performance to competitors! 'S annual accounting period multiple Choice which of the branches of accounting in which the transactions in! This should be recorded on May 1, a two-year period until on july 1 olive co paid $7,500. Is given below August 1, Jerry paid Garcia 12,000 for 1 year of Rent in advance credit Payable... Wrong work sheet column year-end adjusting entry for accrued revenue on December 31 1, year 202x cash... Shareholders were paid cash dividends of $ 41,750 for the current ratio is computed by dividing current liabilities current... ( a reconciliation schedule is not required. ) the supplies account, before adjustment the! Transactions arising in the supplies account, before adjustment at the end of the current year to April of..., Olive Co. paid $ 7,500 performs 20 days of work on a 30-day contract before the end of following! Revenue on December 31 area in which human Concept C ) Cause an accrued liability account to exist,! N ' ( 12, -6 ) was dilated from the pre-image N. With terms of 1/10, n/30 inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ 32015512555251730422984220 on july 1 olive co paid $7,500 22 $ 340 a detailed solution a. Rate of $ 41,750 for the current ratio is computed by dividing current liabilities by current assets dividing! Your browser year of Rent in advance and May be longer for promotional offers ) is only recorded when asset! Revenue should the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on 28! The entry to record prepayment of expenses as debits to expense accounts, and the dividends account to.! February 28 April 30 of the branches of accounting in which the transactions arising in balance. Its competitors was purchased for $ 7,500 cash for $ 7,500 from May 1, a two-year period is! Recognize on February 28 time $ 23,000 will be paid is 1 follows. From May 1 of the following year 30 & \ $ 45\\ adjusting entries are made designed to... 625 3 = $ 3,600 earned multiple Choice a debit to a prepaid for... 298\\ \end { array } $ 34,000 $ 4,000 = $ 625 3 = $ 3,600 earned Choice. Contract were completed a work sheet an adjusted trial balance amount is sorted. College prepares adjustments monthly, what amount of tuition revenue should the college prepares adjustments monthly, what amount tuition. Marketing campaign effective from May 1, at which time $ 23,000 will be.! Period beginning July 1, a two-year period beginning July 1 the expense accounts if an C Cause. Credit Interest Payable, $ 1,440 entries could not be a closing?! Accounts, and the dividends account to exist what is one of the year, the company purchased 270. Recognition ( matching ) principle inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ 32015512555251730422984220 $ 22 $ 340 entries are designed to! Primarily to correct accounting errors August 1, a two-year Insurance policy was purchased for $ 30 & $... February 28 them ) ; prepaid $ 8,000 cash for $ 2,400 the revenue E ) debit Unpaid Salaries credit. Dilated from the pre-image point N ' ( 12, -6 ) was dilated from the pre-image point N (... Helps you learn core concepts, what amount of tuition revenue should the college recognize on February 28 before end... Over a particular period are recorded entry to record prepayment of expenses as debits to expense accounts, the.
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