Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
22nd Edition
ISBN: 9781259582394
Author: Wild
Publisher: MCG
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Chapter 3, Problem 7QS

a.

To determine

Prepare the journal entry to reflect expiration of the insurance as of December 31, 2015.

b.

To determine

Prepare the journal entry to report the balance of supplies account and supplies expense account as of December 31, 2015.

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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $14,800 and liabilities of $5,100. During the year liabilities decreased by $1,500. Net income for the year was $2,600, and net assets at the end of the year were $10,200. There were no changes in paid-in capital during the Calculate the dividends, if any, declared during the year. year.
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Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)

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