Homework 3 - Homework 3 The Accounting Cycle (Adjustments)...

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Homework 3 – The Accounting Cycle (Adjustments) 1. On December 4, HQR Corp. has a debit balance in its supplies account of $6,300. It purchases $2,300 of supplies on account that day. A December 31 inventory shows that HQR has $2,100 of supplies on hand that day. It pays for the supplies on January 9 of the following year. Prepare HQR’s journal entries for the transaction on December 4, the adjustment on December 31, and the transaction on January 9. 2. On November 1, JCM Enterprises pays $37,500 to Central City Properties, JCM’s landlord, for one quarter’s rent in advance (starting November 1). Prepare journal entries to record the transaction for JCM and Central City Properties on November 1. Prepare the December 31 adjusting entry for JCM and Central City Properties. 3. Roulstone & Bradshaw is a law firm. In its initial consultation with ULC, Inc., a new client, on November 8, it collects a $20,000 retainer to be applied against future billings. Between November 8 and December 31, a review of billing data shows that Darren
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Homework 3 - Homework 3 The Accounting Cycle (Adjustments)...

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