Indicate which of the following events would result in recognizing expenses for the year in which the

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Indicate which of the following events would result in recognizing expenses for the year in which the described event takes place; give the journal entry. (Take the company’s point of view.)

1. Bright Shirts, Inc., sold 1,500 T-shirts to the FSU Bookstore for $16,500 cash. Bright originally paid $4,500 for the shirts.

2. Home Industries, Inc., received a utility bill for the last month of the year in the amount of $575 but won’t actually pay it until next year.

3. Waterline, Inc., paid $8,600 for a two-year insurance policy—for the current year and for next year.

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Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

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Question Posted: Sep 01, 2014 12:24 PM

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Indicate which of the following events would result in recognizing expenses for the year in which the

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1 Recognize cost of goods sold of 4500 Cash 16500 Sales revenue 16500 Cost of goods sold ...View the full answer

Financial Accounting: A Business Process Approach

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