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WRD_ch03_SV - 3 The Adjusting Process Student Version 1 1...

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1 The Adjusting Process 3 Student Version
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2 1-2 3-2 Describe the nature of the adjusting process. 1 3-2
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3 1-3 3-3 Prepaid expenses are the advance payment of future expenses and are recorded as assets when cash is paid. 1 Types of Accounts Requiring Adjustment
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4 1-4 3-4 Unearned revenues are the advance receipt of future revenues and are recorded as liabilities when cash is received. Types of Accounts Requiring Adjustment 1
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5 1-5 3-5 Accrued revenues are unrecorded revenues that have been earned and for which cash has yet to be received. 1 Types of Accounts Requiring Adjustment
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6 1-6 3-6 Accrued expenses are unrecorded expenses that have been incurred and for which cash has not been paid. 1 Types of Accounts Requiring Adjustment
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7 1-7 3-7 Journalize entries for accounts requiring adjustment. 2 3-7
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8 1-8 3-8 NetSolutions’ Supplies account has a balance of $2,000 in the unadjusted trial balance. Some of these supplies have been used. On December 31, a count reveals that $760 of supplies are on hand.
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