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Dyer inc completed its first year of operations on December 31,2010. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary statements
You are an independent CPA hired by the company to audit the firms accounting systems and financial statements. In your audit, you developed additional data as follows:
A) Wages for the last three days of December amounting to $310 were not recorde or paidb)The $400 teleohone bill for December 2010 has not been recorded or paidc) Depreciation on rental autos amounting to $23000 for 2010 was not recordedd)Interest of $500 was not recorded on the note payable by Dyer ince) The rental revenue account included $4000 of revenue to be earned in January 2010f) Maintenance supplies costing $600 were used during 2010 but this has not been recordedf) The income tax expense for 201 is $7000 but wont actually be paid until 2011.
Required:1) What adjusting journal entry for each item a) through G) should be recorded at December 31, 2010?2) Prepare in proper form, an adjusted income statement for 20103) Did the Adjustment have a significant overall affect on the company's net income?
Firm has forecasted sales of $3,000 in April, $4,500 in May and $6,500 in June. All sales are on credit. 30% is collected the month of sale and the remainder the following month. What will be balance in accounts receivable at the beginning of J..
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