Prepare the adjusting entry for each of the following situations: A. On May l, Unicover Services, Inc., had a $7,820
A. On May l, Unicover Services, Inc., had a $7,820 debit balance in its supplies account. During May, $4,250 of additional supplies were purchased. At the end of the month, a count of supplies revealed $2,430 left on hand.
B. Best Sports Enterprises, which produces a monthly magazine, received $9,600 in payments from its customers for two-year subscriptions. The subscriptions start with the June issue this year. The company prepares financial statements annually on December 31.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Question Posted: March 25, 2015 11:18:40