Prepare journal entries for each of the following end-of-year accounting adjustments. 1. Record ($400) of revenue earned
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Prepare journal entries for each of the following end-of-year accounting adjustments. 1. Record \($400\) of revenue earned that was previously recorded as unearned revenue due to an advance payment from a customer. 2. Record \($500\) of accrued interest expense that applies to the company's bank loan. The \($500\) is part of the company's annual cash interest payment that is due next period.
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Financial & Managerial Accounting For Undergraduates
ISBN: 9781618533104
2nd Edition
Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews
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