For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial
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a. The adjustment of depreciation of $3,500 was omitted from the end-of-period adjusting entries.
b. The adjustment of $2,565 for accrued fees earned was journalized as a debit to Accounts Receivable for $2,565 and a credit to Fees Earned for $2,556.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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