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Question: You are a tutor for introductory financial accounting. You tell the students, "Recording adjusting entries is a critical step in accounting cycle and the two major classifications of adjusting entries are prepayment and accrusals."Chris one of the students in the class says "I don't understand."
Required: Respond to Chris.
1. When do prepayments occur? When do accruals occur?
2. Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the effect on net income assets liabilities and stockholders equity of not recording a required adjusting entry for prepayments?
Why would we require stricter reporting in government? Why would they limit the audience in this way? Why would the audience not care about profit, loss.
the bank account as a control device helps to protect cash. one of the requirements is to conduct periodic bank
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dewitt company uses flexible budgets to control its selling expenses. monthly sales are expected to range from 167300
Conner Corporation's adjusted trial balance included the following items:Accounts payable ($65,000), How much are total debits or credits in the trial balance
Roig Company paid gross wages of $ 200,000 during the week ended December 10th. Record in journal entry to record the payroll tax expense Week of December 10
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Bartel Company produces a product that can either be sold as is or processed further. Bartel has already spent $10,000 to produce 250 units that can be sold.
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