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Consider the following situations: ( Click the icon to view the situations. ) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed
Consider the following situations:
Click the icon to view the situations.
Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January Record debits first, then credits. Select the explanation on the last line of the
journal entry table.
a Business receives $ on January for month service contract for the period January through October When the cash was received on January assume that a liability account was
credited. Assume services are performed evenly each month throughout the term of the contract.
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