Mathematics, 22.06.2020 16:57 mauricio18s
*Exercise 3-20 Entering adjustments for prepaid items recorded in expense and revenue accounts Lo9
Classic Customs began operations on December 1,2020.In setting up the bookkeeping procedures, the
company decided to debit expense accounts when the company prepays its expenses and to credit revenue
accounts when customers pay for services in advance. Prepare journal entries for items(a)through(c)and
adjusting entries as of December 31,2020,for items(d)through(f):
a. Supplies were purchased on December 1 for$8,000.
b. The company prepaid insurance premiums of$3,200 on December 2.
c. On December 15,the company received an advance payment of$16,100 from one customer for
remodelling work.
d. By counting the supplies on December 31,Classic Customs determined that$1,450 was on hand.
e. An analysis of the insurance policies in effect on December 31 showed that$800 of insurance coverage had
expired.
f. As of December 31,it was determined that$8,500 of the amount received in advance on December 15 had
been earned.
Answers: 2
Mathematics, 21.06.2019 16:50
Its worth 10000000 points need asap if you answer correctly ill mark brainliest
Answers: 1
Mathematics, 21.06.2019 19:30
Complete the solution of the equation. find the value of y when x equals to 28 x+3y=28
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Mathematics, 21.06.2019 22:30
At the beginning of year 1, carlos invests $600 at an annual compound interest rate of 4%. he makes no deposits to or withdrawals from the account. which explicit formula can be used to find the account's balance at the beginning of year 5? what is, the balance?
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Mathematics, 21.06.2019 23:40
If f(x) = -5x + 1 and g(x) = x3, what is (gºf)(0)? enter the correct answer
Answers: 1
*Exercise 3-20 Entering adjustments for prepaid items recorded in expense and revenue accounts Lo9...
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