first drop down expense or revenue second drop down a revenue or an expense third drop down
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first drop down expense or revenue
second drop down a revenue or an expense
third drop down a liability or pre paid asset
last drop down januarys or decembers
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On December 15, Great Designs Company hired an independent contractor for a project. The contractor completed the project on December 29 and submitted an invoice for $2,425 which was due on January 15. The amount was duly paid on January 15. a. Journalize the entry or entries necessary to record these transactions. If an amount box does not require an entry, leave it blank. Dec, 29 Professional Services Expense 2,425 Accounts Payable 2,425 Jan. 15 Accounts Payable 2,425 Cash 2425 b. Discuss how the accrual basis of accounting affects this (these) Journal entry(ies), The first journal entry is required to record the December's Income Statement and of the independent contractor. This journal entry created on December's Balance Sheet. The second journal entry did not affect income statement. in On December 15, Great Designs Company hired an independent contractor for a project. The contractor completed the project on December 29 and submitted an invoice for $2,425 which was due on January 15. The amount was duly paid on January 15. a. Journalize the entry or entries necessary to record these transactions. If an amount box does not require an entry, leave it blank. Dec, 29 Professional Services Expense 2,425 Accounts Payable 2,425 Jan. 15 Accounts Payable 2,425 Cash 2425 b. Discuss how the accrual basis of accounting affects this (these) Journal entry(ies), The first journal entry is required to record the December's Income Statement and of the independent contractor. This journal entry created on December's Balance Sheet. The second journal entry did not affect income statement. in
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a Dec 29 Professional sevice expense 2425 Accounts payable 2425 Jan 15 Ac... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
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