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In Class Practice Ch 3 Name: No. 1. A company issued financial statements for the year ended December 31, but failed to include the following
In Class Practice Ch 3 Name: No. 1. A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: A. Accrued service fees earned of $2,200. B. Depreciation expense of $8,000. C. Portion of office supplies (an asset) used $3,100. D. Accrued salaries of $5,200. E. Revenues of $7,200, originally recorded as unearned, have been earned by the end of the year. Determine the correct amounts for the December 31 financial statements by completing the following table: Assets Liabilities Equity Net Profit Reported amounts.... $350,000 $200,000 $150,000 $70,000 Add (subtract) to correct for item; A. C. D... Corrected amounts
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