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The Blue Chip Co . prepared the following income statement for December 3 1 , 2 0 2 2 but neglected to make the necessary
The Blue Chip Co prepared the following income statement for December but neglected to make the necessary adjusting entries.
Required: Prepare a corrected income statement after considering the following:
The company had purchased a truck for $ on January that was expected to last years. It was originally debited to the account "Truck" and credited to cash.
Salaries of $ were owed to employees but not yet recorded.
The company owed $ in accrued interest that was to be paid early in January
In November the company had received $ of advance payments, which were originally recorded as Unearned Revenue. Onethird of this was earned in December
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