The time period principle assumes that an

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8. The time period principle assumes that an organization's activities can be divided into specific time periods including: A.Months. B. Quarters. C. Fiscal years. D.Calendar years. E. All of the above. 9. Profit margin is defined as: 10. A trial balance prepared before any adjustments have been recorded is: °
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On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) items and amounts: Problem #1 (25 points ) . From the information given, prepare a November income statement. °
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Problem #2 ( 30 points ) Dolly Barton began Barton Office Services in October and during that month completed these transactions: Problem #3 ( 25 points ) 13. Prior to recording adjusting entries on December 31, a company's Store Supplies account had an $880 debit balance. A physical count of the supplies showed $325 of unused supplies available as of December 31. Prepare the required adjusting entry. °
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Exam 1A Key
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