SOLUTION Problem 8-1

SOLUTION Problem 8-1 - Account Name Unearned Revenue Debit Credit 32,000(3 What adjustment is required to 8,000 24,000 See the April screen in the

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Problem 8-1 Solution -- Lenny’s Unearned Revenue Adjusting Entry for for the Solutions to Problem 8-1 "T" Account Analysis for Asset and Liability Accounts Account Name Debit Credit 9,000 (3) What adjustment is required to 1,400 7,600 Timeline of Unearned Revenue on April 1 (dash line) and on April 30 (solid line) $32,000 April 1                  April 30                  May 31                 June 30                      July 31 1 2 3 $24,000 "T" Account Analysis for Asset and Liability Accounts
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Unformatted text preview: Account Name Unearned Revenue Debit Credit 32,000 (3) What adjustment is required to 8,000 24,000 See the April screen in the 3-Lenny's Lawn Service.xls workbook Requirement 6-- "T" Account Analysis Supplies (asset account) (1) What is the current balance? adjust from the current balance to the should be balance? (2) What should be the balance? Requirement 7-- Timeline Requirement 7-- "T" Account Analysis (1) What is the current balance? adjust from the current balance to the should be balance? (2) What should be the balance?...
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This note was uploaded on 10/20/2011 for the course ACC 221 taught by Professor Wiegand during the Spring '08 term at Miami University.

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