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Concept explainers
1.
Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the
Accounting rules for
- To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.
- To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.
Prepare the adjusting entries to accrue interest expense, at October 31, 2016.
2.
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Chapter 3 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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