Chapter 3 In-Class Exercise

Chapter 3 In-Class Exercise - Victorian Flowers adjusts its...

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Victorian Flowers adjusts its books each month and closes its books at the end of the year. The trial balance at January 31, 2007, before adjustments, is as follows: Debit Credit Cash 23,805   Accounts Receivable 27,000   Supplies 3,375   Prepaid Advertising 7,560   Equipment 64,800   Accumulated Deprecation: Equipment 22,500 Unearned Consulting Fees 17,550 B. Smith, Capital Stock 43,850 B. Smith, Withdrawals 2,000   Consulting Fees Earned 78,570 Salaries Expense 28,800   Utilities Expense 1,080   Rent Expense 4,050   162,470 162,470 The following information relates to month-end adjustments:
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According to contracts, consulting fees received in advance that were earned in January total $15,300. (b) On November 1, 2006, the company paid in advance for 6 months' advertising in professional journals. (c) At January 31, supplies on hand amount to $2,205.
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This note was uploaded on 11/22/2011 for the course BUSI 1002 taught by Professor Liu during the Spring '10 term at HKU.

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Chapter 3 In-Class Exercise - Victorian Flowers adjusts its...

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