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Based on the following information taken on December 31, identify the accounts to be adjusted, whether to be debited (DR) or credited (CR). Indicate if
Based on the following information taken on December 31, identify the accounts to be adjusted, whether to be debited (DR) or credited (CR). Indicate if it goes to the statement of financial position (SFP) or to the Income Statement (IS).
Example: Company bills a tenant for December rent. Rent Receivable, DR, SFP Rent Income, CR, IS
- Meralco bills the company for December light expense.
- Prepaid insurance has expired
- Depreciate equipment based on a useful life of 10 years
- Customers 5% one year note was received on December 1
- One month of the advance rent of a tenant has been earned
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