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Essay Questions
1. Identify the differences between accrual accounting and cash basis accounting.
2. How is the profit margin calculated? Discuss its use in analyzing a company's performance.
3. What is the purpose of closing entries? Describe the closing process.
Short Answer Questions
1. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to record the $3,700 cash receipt.
2. Complete the following by filling in the blanks: (1) The Prepaid Insurance account had a $455 debit balance at the beginning of the current year; $650 of insurance premiums were paid during the year; and the year-end balance sheet showed $420 of prepaid insurance; consequently, the income statement for the year must have shown $______________ of insurance expense.
3. Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes Company should make to accrue salaries.
joe owes willy 5000 from an old gambling debt. joe knows that there is no way he can repay the debt in the near future.
The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's prepaid insurance as of December 31, 20X8?
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