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a. Below is a list of adjustments needed to complete the accounting cycle for Chapman Harvesters before preparing the December 31, 2019 financial statements. Analyze
a. Below is a list of adjustments needed to complete the accounting cycle for Chapman Harvesters before preparing the December 31, 2019 financial statements. Analyze each adjustment and then journalize the appropriate entry in the space below (10 POINTS) Harvest work performed but not yet billed for. The amount for this unbilled work is $86,000. $7,500 of prepaid insurance was used and needs to be accounted for. Some harvest work was paid in advance and posted as Unearned Revenue. Amount earned as of December 31 is $15,000. d. Harvest supplies need to be expensed in the amount of $4,500 Harvest Equipment must be depreciated and the expense for that is $9,500. b. C. e
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