Economics, Inc. has started its operation in late 2016. At the beginning it was generating revenue from sales commission and after it expanded its operation by providing management services. By the end of 2017 the company has hired you as independent consultant to help with comprising final balance sheet and income statement. Required: Provide ALL adjustments by the end of 2017 (all journal entries have to have account numbers). The following information has been pres

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Economics, Inc. has started its operation in late 2016. At the beginning it was generating revenue from sales commission and after it expanded its operation by providing management services. By the end of 2017 the company has hired you as independent consultant to help with comprising final balance sheet and income statement.

Required:

  1. Provide ALL adjustments by the end of 2017 (all journal entries have to have account numbers).

The following information has been presented to you by the end of the year:

  1. On December 20 the company hired a new accountant. She worked for 20 days at rate of USD 30 per day. The salary for December will be paid in January 5, 2018.
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