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Best Company had the following items that require adjustment at year end. Required: Prepare the adjusting journal entries needed at December 3 1 . If
Best Company had the following items that require adjustment at year end.
Required:
Prepare the adjusting journal entries needed at December If an amount box does not require an entry, leave it blank.
Dec.
Dec.
Dec.
What is the effect on the financial statements if these adjusting entries are not made?
In all these cases,
was originally created when cash was paid. The adjusting entries will affect
account.
If these entries were not made, expenses would be
and assets would be
In addition, net income will be
What is the balance in prepaid equipment rent, insurance expense, and supplies at December
Balance in prepaid equipment rent
Balance in insurance expense
Balance in supplies
$
$
$Deferred Expense Adjusting Entries
Best Company had the following items that require adjustment at year end.
Required:
Prepare the adjusting journal entries needed at December If an amount box does not require an entry, leave it blank.
Dec.
Dec.
Dec,
What is the effect on the financial statements if these adjusting entries are not made?
In all these cases,
was originally created when cash was paid. The adjusting entries will affect
account.
If these entries were not made, expenses would be
and assets would be
In addition, net income will be
What is the balance in prepaid equipment rent, insurance expense, and supplies at December
Balance in prepaid equipment rent
Balance in insurance expense
Balance in supplies
$
$
$
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