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Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Used prepaid insurance of $1,930. The Prepaid Insurance unadjusted balance as of December 31 is $9,600. Adjustment Type: Completed services that were paid for six months earlier, $1,700. The Service Revenue unadjusted balance as of December 31 is $9,300. The Unearned Revenue balance as of December 31 is $11,300
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