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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 48
Adjusting and reversing entries
On the basis of the following data, (A) journalize the adjusting entries at June 30, the end of the current fiscal year, and (B) journalize the reversing entries on July 1, the first day of the following year:
1. Wages are uniformly $66,000 for a five-day workweek, ending oh Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30, $25,000.
On the basis of the following data, (A) journalize the adjusting entries at June 30, the end of the current fiscal year, and (B) journalize the reversing entries on July 1, the first day of the following year:
1. Wages are uniformly $66,000 for a five-day workweek, ending oh Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30, $25,000.
Explanation
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Adjusting and Reversing Entry
Reversing...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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