Beta Alloys made the following adjusting journal entries on December 31, 2011. Required:Classify each adjusting entry as
Question:
Beta Alloys made the following adjusting journal entries on December 31, 2011.
Required:Classify each adjusting entry as either an accrual adjustment (A) or a cost expiration adjusting (C), and indicate whether each entry increases (+), decreases (???), or has no effect (NE) on assets, liabilities, shareholders' equity revenues, and expenses. Organize your answer in the following way. The first journal entry has been done for you.Entry Classification Assets Liabilities Shareholders' Equity Revenues Expenses(1) A NE + ??? NE +
1. Wage Expense Wages Payable 2. Insurance Expense Prepaid Insurance. 3. Interest Receivable Interest Revenue 10,000 10.000 5,000 5.000 1,000 1.000 4. Unearned Rent Revenue 6,000 Rent Revenue 6.000 5. Depreciation Expense Accumulated Depreciation 6. Supplies Expense Supplies Inventory 7. U'nearned Subscription Revenue Subscription Revenue 20,000 20.000 8,000 8.000 2.000 2.000
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Classification Assets Liabilities Stockholders Equity Revenues ...View the full answer
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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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