Financial Act Demonstration Problem #3

Leasehold improvements are also estimated to have a

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Unformatted text preview: ents are also estimated to have a useful life of 2 years, with no salvage value D. Interest on the note payable needed to be accrued for the first two months. (Assume simple interest). The first payment on the note (with interest) is due on 3/31. 26 L-- %ism .ill WVV UI WG I LU L JI lull Iti LIV tA.J L.I till LI Isr i&ai IL. -39m Will L paid on 3/7. Cainas Company completed 3 personal tax returns and mailed them to the clients along with an invoice. Total amount billed was $500. G. Cainas Company received a bill from Tampa Electric Company for $225 on 2/27, which has not yet been recorded. F. Given the following information, what are the necessary adjusting entries? Again, analyze each transaction, determine which accounts are affected, and create a journal entry that will then be posted to the general ledger, "adjusting" the ending balances of certain accounts. A. Analysis: Rent was paid in advance, for 2 months, in January. As of 2/28, the rent that was paid in advance has been used up. Since no adju...
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This note was uploaded on 01/22/2014 for the course ACG 2021 taught by Professor Linkovich during the Spring '08 term at University of South Florida - Tampa.

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