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need help with preparing T accounts in financial accouting QUESTION #3 (20 marks) The December 31 year-end trial balance of Flashlight Inc. included the following
need help with preparing T accounts in financial accouting
QUESTION \#3 (20 marks) The December 31 year-end trial balance of Flashlight Inc. included the following selected accounts: Additional data: - One-third of the revenue received in advance has been earned by December 31, 2023. - The prepaid insurance represents the annual premium on a policy providing coverage starting September 1, 2023. - Since the last payday, employees have earned an additional $7,250 that has not yet been paid or recorded. - The equipment has an estimated life of 7 years and no expected value at the end of its life. - Services performed but unbilled and uncollected at year end amount to $22,500. - The prepaid rent relates to half a year beginning on October 1. Prepare T-Accounts to show the effect of the additional data and the adjusted ending balance as of December 31 Step by Step Solution
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