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FM Midterm January 2013: T-Account Analysis
During 2012 the following events took place for a small distribution company. You are required to prepare the accounting entries for each event by:
- labelling the T-accounts with the correct account name- labelling debit and credit on the T-account- entering the amount on the correct side of each T-account.
You are only required to enter the events as described in 2012; do not attempt to combine all 12 events into a single financial statement. Note that answers may require more or less than four T-accounts.
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Accounting for Leases
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Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
Which of the following is an example of a variable cost?
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What is the remaining obligation on January 1, 2010 afterthe first payment has been made?
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