Eaton Enterprises made the following adjusting journal entries on December 31, 2011:a. Give a brief explanation for
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Eaton Enterprises made the following adjusting journal entries on December 31, 2011:a. Give a brief explanation for each of the above entries.b. Classify each of the above entries as either a cost expiration adjusting entry or an accrual adjustingentry.
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1. Rent Expense Rent Payable 1,200 1.200 2. Insurance Expense Prepaid Insurance 3. Depreciation Expense Accumulated Depreciation 4. Interest Receivable 5,000 5.000 20,000 20.000 1,500 Interest Revenue 5. Unearned Revenue Fees Earned 1.500 200 200
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a 1 The entry is to record rent incurred but not ye...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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