Lane Company is completing the accounting cycle at the end of its annual accounting period,December 31,2019.Adjusting entries have not been made during the year so three adjusting entries must be made to update the accounts.The following accounts,selected from the company's chart of accounts,are to be used for this purpose.They are coded to the left of each title for convenient reference.
Indicate the appropriate account code and amount for each of the required adjusting entries at December 31,2019.
Transaction Debits Credits

Question

Lane Company is completing the accounting cycle at the end of its annual accounting period,December 31,2019.Adjusting entries have not been made during the year so three adjusting entries must be made to update the accounts.The following accounts,selected from the company's chart of accounts,are to be used for this purpose.They are coded to the left of each title for convenient reference.
  Indicate the appropriate account code and amount for each of the required adjusting entries at December 31,2019.
Transaction Debits Credits

Quizplus · Accepted Answer

The Answer of Lane Company is completing the accounting cycle at the end of its annual accounting period,December 31,2019.Adjusting entries have not been made during the year so three adjusting entries must be made to update the accounts.The following accounts,selected from the company's chart of accounts,are to be used for this purpose.They are coded to the left of each title for convenient reference.
  Indicate the appropriate account code and amount for each of the required adjusting entries at December 31,2019.
Transaction Debits Credits

Lane Company Is Completing the Accounting Cycle at the End