On July 1, 20X1, Cherie Wang established Cherie Wang Financial Services. Selected transactions for the first few
Question:
On July 1, 20X1, Cherie Wang established Cherie Wang Financial Services. Selected transactions for the first few days of July follow.
INSTRUCTIONS
1. Record the transactions on page 1 of the general journal. Omit descriptions. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability. Omit explanations.
2. Record the adjusting journal entries that must be made on July 31, 20X1, on page 2 of the general journal. Omit descriptions.
Analyze:
What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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