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help me Prepare each adjusting entry for each of the following: a. During the year, $10,000 was received in advance from clients for services that
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Prepare each adjusting entry for each of the following: a. During the year, $10,000 was received in advance from clients for services that have not yet been performed. This was recorded as service revenue. b. Bad debt expense for the year is $15,000 c. Prepaid insurance expired during the year $500. d. Equipment is being depreciated at 20% per year. No depreciation was recorded during the year. e. Hexagon borrowed $82,200 via a 90-day, 5% bank note on December 1, 2020. No interest has been recorded. 5 6 7 81. Office salaries and wages earned but unpaid December 31, 2021: $3,400. 9 0 11 3 B Dividends of $25,000 were declared in the month of December. This has not been accounted for yet. 34 35 36 37 38 h. $450 of supplies remain at the end of the year. 39 40 41 42 43 Prepare closing entries necessary to close temporary accounts at the end of the year: 44 45 Step by Step Solution
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