The unadjusted and adjusted trial balances of White Company as of December 31, 2012, are presented below.

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Required:
1. Prepare the journal entries that are required to adjust the accounts at December 31, 2012.
2. Prepare the journal entry that is required to close the accounts at December 31,2012.

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 03:28 AM

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The unadjusted and adjusted trial balances of White Company as of December 31, 2012, are presented below.

Question:

White Company December 31, 2012 Unadjusted Credits Debits Credits 1 1 Accounts Receivable.*. 5 Prepaid Insurance.*.. S 9,350 Income Taxes Payable.... 65,000 Consulting Fees Earned. . 142,380 92,335 4 Insurance Expense Income Tax Expense S301,500 $301,500 S308,380 $308,380

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1 Supplies Expense 1300 Supplies on Hand 1300 Rent ...View the full answer

Accounting concepts and applications

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White Company December 31, 2012 Unadjusted Credits Debits Credits 1 1 Accounts Receivable.. 5 Prepaid Insurance... S 9,350 Income Taxes Payable.... 65,000 Consulting Fees Earned. . 142,380 92,335 4 Insurance Expense Income Tax Expense S301,500 $301,500 S308,380 $308,380