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Please just answer are these TRUE or FALSE statements Please answer if true or false h. i. j. k. I. The dollar amount of debits
Please just answer are these TRUE or FALSE statementsPlease answer if true or false
h. i. j. k. I. The dollar amount of debits in a general journal entry must equal the dollar amount of credits. Unearned Revenue is reported on the Balance Sheet as a Liability. A company owes $9,000 on a Note Payable at the end of the year, but overlooks the need to make an adjusting entry for interest payable. As a result, reported Net Income will be overstated for that period. Accumulated Depreciation carries a credit balance and is a liability. The adjusting entry required for an unrecorded expense often involves recognizing a liability. A company ends the current year with sales of $600,000, accounts receivable of $100,000, and an allowance for doubtful accounts of $1,000, with a debit balance. Bad debts are estimated to be 6% of accounts receivable. The income statement should report bad debts expense of $5,000. Accounts receivable are reported at their net realizable value on the balance sheet. A company should report the cost of transporting a newly-purchased item of property, plant, and equipment as a part of the cost of the item. m. n. OStep by Step Solution
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