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Question
Dolly Barton began Barton Office Services in October and during that month completed these transactions:a. Invested $10,000 cash, and $15,000 of computer equipment.
b. Paid $500 cash for an insurance premium covering the next 12 months.
c. Completed a word processing assignment for a customer and collected $1,000 cash.
d. Paid $200 cash for office supplies.
e. Paid $2,000 for October's rent.
Prepare journal entries to record the above transactions. Explanations are unnecessary.
Answer
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Related questions
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Which of the following statements is incorrect?
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B.Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.
C.Adjusting entries can be used to record both accrued expenses and accrued revenues.
D.Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time.
E.Adjusting entries affect the cash account.
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B.Assigning revenues to the periods in which they are earned.
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E.All of these.
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Another name for temporary accounts is:
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Which of the following statements describing the debt ratio is false?
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