The Quasar Company is a consulting firm specializing in pollution control. The following adjustments were made for
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Adjustments
Account Increase (Decrease)
Accounts Receivable .............. $ 7,140
Supplies .................... (1,715)
Prepaid Insurance ................ (1,400)
Accumulated DepreciationEquipment ....... 2,520
Wages Payable ................. 1,260
Unearned Rent ................ (3,500)
Fees Earned .................. 7,140
Wages Expense ................ 1,260
Supplies Expense ................ 1,715
Rent Revenue ................ 3,500
Insurance Expense .............. 1,400
Depreciation Expense .............. 2,520
Identify each of the six pairs of adjustments. For each adjustment, indicate the account, whether the account is increased or decreased, and the amount of the adjustment. No account is affected by more than one adjustment. Use the following format. The first adjustment is shown as anexample.
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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