Stark Company records prepayments of expenses in asset accounts and receipts of unearned revenues in liability accounts.
Question:
Stark Company records prepayments of expenses in asset accounts and receipts of unearned revenues in liability accounts. Using the list of accounts provided, identify the debit and credit entry required for each of the annual adjustments described in (a) through (e). The first one is done as an example.
1. Cash
2. Prepaid Advertising
3. Advertising Payable
4. Advertising Expense
5. Accounts Receivable
6. Equipment Expense
7. Depreciation Expense
8. Accumulated Depreciation-Equipment
9. Equipment
10. Services Revenue Earned
11. Unearned Services Revenue
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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