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The Farmers spent exist3,000 for the costs of growing a perennial crop and recorded these costs as expenses. The crop is not harvested during the
The Farmers spent exist3,000 for the costs of growing a perennial crop and recorded these costs as expenses. The crop is not harvested during the same year that it was grown. No investment in growing crops existed in the accounting records at the beginning of the year. a. No adjusting entry is necessary under the accrual-adjusted approach. b. Change in Investment in Growing Crops 3,000 Cash Investment in Growing Crops 3,000 c. Cash Investment in Growing Crops 3,000 Change in Investment in Growing Crops 3,000 For each of the multiple choice question below, select the appropriate adjusting journal entry that would be recorded at the end of the year (December 31) The Farmers determined that their unpaid bills at the end of the year are exist690. They will not pay the bills before December 31. They had no bills at the beginning of the year. a. Accounts payable 690 Change in Accounts Payable 690
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