For the following situations, indicate the types of accounts affected in a year-end adjustment. Use the following
Question:
Accounts Affected Situation
______ ______ 1. A company owes employees for wages earned but not yet paid.
______ ______ 2. Rent is earned for the month, and the tenant is given until the10th of the following month to pay.
______ ______ 3. A portion of an insurance policy paid for in advance has expired.
______ ______ 4. A gift card is redeemed by its recipient.
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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