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You are the accountant for XYZ Company. For the following situations, record the correcting journal entry. If no entry is needed, write 'no entry'. a.
You are the accountant for XYZ Company. For the following situations, record the correcting journal entry. If no entry is needed, write 'no entry'. a. The bookkeeper was recording $10,000 revenue earned which had been paid in advance. He debited service revenue and credited unearned revenue. b. The bookkeeper was recording a payment received on account for $450. He recorded the payment as $540. C. The bookkeeper was recording an accrual for interest that was owed to XYZ Company from ABC Co. for $500. He debited interest expense and credited interest payable
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