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The following transactions and events pertain to Bean County, General Fund for the calendar year 2013. Prepare the journal entries needed to record the transactions and events (including year end accruals where appropriate). If a journal entry requires a charge to expenditures, debit the account Expenditures, other than salaries.1. The entity receives invoices in early January 2014 for $ 25,000 for professional services obtained in 2013, and $ 32,000 for December 2013 utility services.2. The entity borrows $ 500,000 on August 1, 2013, in anticipation of the collection of property taxes. The borrowed amount is due to be repaid on January 31, 2014, with interest at the rate of 1.5 percent per annum.3. The entity invests $ 300,000 cash in a CD on November 1, 2013, at an interest rate of 1 percent per annum. The CD will mature on January 31, 2014.4. In September 2013 the entity receives and accepts supplies that had been ordered in August. The amount that had been encumbered was $ 40,000, but the amount of the approved invoice was $ 42,000.
Give all the closing entries required at December 31 for each of the separate cases. Show how the equity section of the balance sheet would appear at December 31 for each case. Show computations.
If a company sells goods that cost $70,000 for $82,000, the firm will: A. reduce Finished-Goods Inventory by $70,000. B. reduce Finished-Goods Inventory by $82,000.
hospital and other health care organizations provide services knowing that they will collected from third-party payers
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia.
The tendency for television stations to retain older male newscasters but replace aging female newscasters in favor of younger, more attractive women is a reinforcement of gender:
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
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A Balance Sheet as on that date after making the necessary adjustments.
your supervisor at youcpa wants to know what you think about the proposed change from gaap to ifrs in the united states
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