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i need help on these three asap 1. 2. 3. Company Q received $1,200 from a customer on Jan 1 for work to be done
i need help on these three asap
Company Q received $1,200 from a customer on Jan 1 for work to be done during the first quarter of 2020. By the end of January. Company Q had completed onethird of the work. In order to show the remaining amount of liability that Company Q has at the end of January: Unearned Revenue should be debited for $800 Unearned Revenue should be debited for $400 Unearned Revenue should be credited for $800 Unearned Revenue should be credited for $400 All of the following statements are true concerning the purpose of preparing adjusting entries at the end of the period EXCEPT: Make corrections for errors that were made during the month Ensure that all balance sheet accounts properly reflect the financial condition of the company Record non-cash events that occurred in the business during this period but have not yet been recorded Ensure that all revenue and expenses of the period are reflected in the financial statements Company B purchased a machine on January 1 for $60,000. No salvage value is expected but the expected life is 5 years. If Company X closes its books quarterly (for the months of January, February, \& March), what is the \$ amount of Depreciation Expense and Accumulated Depreciation to be recorded in the adjusting entry on March 31? $12,000 $3,000 $1,000 Some other amount 1.
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