Examine the following adjusting entries and determine which ones should be reversed. Show the reversing entries that
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Examine the following adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 20X2. Include appropriate descriptions.
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20X1 Dec. 31 31 31 (Adjustment a) Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from uncollectible accounts based on 0.5% of net credit sales, $835,000 (Adjustment b) Supplies Expense Supplies To record supplies used during the year (Adjustment c) Insurance Expense Prepaid Insurance To record expired insurance on 1-year $13,200 policy purchased on Oct. 1 (Adjustment d) 4,175.00 4,700.00 3,300.00 4,175.00 4,700.00 3,300.00
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College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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