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An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $1,200. Prepaid insurance, ending, $700.b. Interest revenue accrued, $1,600.c. Unearned service revenue, beginning, $1,100. Unearned service revenue, ending $500d. Depreciation, $4,800.e. Employees' salaries owed for three days of a five-day work week; weekly payroll, $18,000.f. Income before income tax, $21,000. Income tax rate is $25%.Requirements1. Journalize the adjusting entries.2. Suppose the adjustments were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments
48 Morgado Inc. has provided the following data to be used in evaluating a proposed investment project: Initial investment $130,000 Annual cash receipts $78,000 Life of th
Group Accounts A company can have investments in other companies in the form of: ordinary shares, preference shares and loan stock. The investment in ordinary shares leads to own
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gershwin coporation obtained afranchise fron sonic hedgeehog inc .for a cash payment of $ 120000 on april 1,2010 . the franchise grants gershwin the right to sell certain product a
What are the sailent features of branches
ABC Corportation purchased $15,000 of office furniture by putting down $7000 soqn in cash and the rest on accout
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How is Accounting information useful to A prospective Investor?
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