USE THE FOLLOWING DATA FOR QUESTIONS 24& 25The Duke of Earl operates a catering enterprise. His accounting records at the end of2008 included the following data:ITEMSEXPENSESa. Office expenses :b. Wages & SalariesREVENUEc. Commission Incomed. Rent IncomeSTART OF THEYEARa. $35,000b. $45,000c. $55,000d. $65,000Prepaid 5,000Owed 10,000a. $20,000b. $24,000c. $26,000d. $30,000Owed 3,000Prepaid 7,000DURING THEYEARPaid 15,000Paid 50,000END OF THEYEAROwed 2,500Prepaid 5,000Received 25,000Received 12,000 Owed 1,000Prepaid 2,00024. The amount that must be shown in the income statementas Wages & Salaries expense forthe year is25. The amount that must be shown in the income statement asCommission Income for theyear is

The deferred and accruals are adjusted at the year end to get the actual expenses and revenues for…

USE THE FOLLOWING DATA FOR QUESTIONS 24 & 25 The Duke of Earl operates a catering enterprise. His accounting records at the end of 2008 included the following data : ITEMS EXPENSES a. Office expenses : b. Wages & Salaries START OF THE YEAR REVENUE c. Commission Income d. Rent Income Prepaid 5,000 Owed 10,000 Owed 3,000 Prepaid 7,000 DURING THE YEAR Paid 15,000 Paid 50,000 Prepaid 5,000 Received 25,000 END OF THE YEAR Received 12,000 Owed 2,500 Prepaid 2,000 Owed 1,000

USE THE FOLLOWING DATA FOR QUESTIONS 24 & 25 The Duke of Earl operates a catering enterprise. His accounting records at the end of 2008 included the following data : ITEMS EXPENSES a. Office expenses : b. Wages & Salaries START OF THE YEAR REVENUE c. Commission Income d. Rent Income Prepaid 5,000 Owed 10,000 Owed 3,000 Prepaid 7,000 DURING THE YEAR Paid 15,000 Paid 50,000 Prepaid 5,000 Received 25,000 END OF THE YEAR Received 12,000 Owed 2,500 Prepaid 2,000 Owed 1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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