Each of the following independent events requires a year - end adjusting entry. Paid $ 4 8
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Question:
Each of the following independent events requires a yearend adjusting entry.
Paid $ cash in advance on July for a oneyear lease on office space.
Purchased $ of supplies on account on April At yearend, $ of supplies remained on hand.
Received a $ cash advance on July for a contract to provide services for one year beginning immediately.
Paid $ cash in advance on February for a oneyear insurance policy.
Required
Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December closing date. Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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