Question: Can someone explain what I am doing wrong and correct answer? Thanks! Return to Blackboard Financial Accounting, Seventh Canadian Edition l System Announcements PRINTER VERSION
Return to Blackboard Financial Accounting, Seventh Canadian Edition l System Announcements PRINTER VERSION BACK NEXT Problem 4-1A (Part Level Submission) Ouellette Corporation folow: annually. Selected transactions for the current year began operations on January 2. Its year end is December 31, and it adjusts its accounts hand. reveaied that $710 of supplies were stil n hand. 1. On January 2, purchased supplies for $4,200 cash. A physical count at December 31 2. Purchased a vehide for $45,400 on April 1, paying $6,000 cash and signing a $39,400 bank loan for the balance. The years and the company uses straight-line depreciation. 3. Purchased a $3,970, one-year insurance policy for cash on August 1. The policy came into effect on that date. 4. Recelved o $1,870 advance cash payment from a cilent on November 9 tor services to be performed in the future. As at December 31, half of these services had been completed. $1,400 each month. It paid rent for the months of s. on December 1, the company tented adtional office space for a six-month period starting on December 1 for $ December and January in advance on this date
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