INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Comprehensive On November 30, 2019. Davis Company had the following account balance.
During the month of December, Davis entered into the following transactions:
Required:
a.Prepare generaljournal entries to record the preceding transactions.
b.Post to general ledger T accoun
c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of
d.Prepare the companis financial statements for 2019.
e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.
A. Determine the net increase/decrease in net income for 2021.
B. Prepare a compound adjusting journal entry to reflect the correct net income for 2021, assuming that the books of 2021 are still open
Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.
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