Prepare adjusting and closing journal entries for the year ended 31 December 2022 and reversal journal entries
Question:
Prepare adjusting and closing journal entries for the year ended 31 December 2022 and reversal journal entries on 1 January 2023. Also show extracts of the income statement and balance sheet for December.
Ledger account balances on 31 December 2022 were insurance $1730 and wages $31 360. It was calculated that on 31 December 2022, insurance of $130 was prepaid and wages earned by employees but not paid totalled $440.
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Adjusting and Closing Entries for Insurance ...View the full answer
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Related Book For 
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
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