Krupetskiy3_bACC211

Krupetskiy3_bACC211 - Tanya Krupetskiy Professor Turner...

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Tanya Krupetskiy Professor Turner ACC-211 Week 4 E3-18 Corine Dunbar, M.D. Conversion of Income Statement Data from Cash Basis to Accrual For the Year 2010 Cash Basis Adjustments Add Deduct Collections from customers $142,600 - Accounts Receivable, Jan. 1 $11,250 + Accounts Receivable, Dec. 31 $15,927 + Unearned Service Revenue, Jan. 1 $2,840 - Unearned Service Revenue, Dec. 31 $4,111 Service Revenue Disbursements for expenses $60,470 + Prepaid Expenses, Jan. 1 $1,917 - Prepaid Expenses, Dec. 31 $3,232 - Accrued Liabilities, Jan. 1 $3,435 + Accrued Liabilities, Dec. 31 $2,108 Net Income -- Accrual Basis $82,130 E3-20 a. Adjusting Entries Insurance Expense $1,250 Prepaid Insurance $1,250 Rental Revenue $800 Unearned Rental Revenue $800 Advertising Materials $290 Advertising Expense $290 Interest Expense $770 Interest Payable $770 b. Reversing Entries No reversing entry required Unearned Rental Revenue $800 Rental Revenue $800 Advertising Expense $290 Advertising Materials $290 Interest Expense $770 Interest Payable $770 Excess of cash collections over disbursements -- cash basis
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P3-10 Arkansas Sales and Service a. Income Statement
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Krupetskiy3_bACC211 - Tanya Krupetskiy Professor Turner...

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