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At the end of the accounting period, Adams Company's general ledger contained the following adjusted balances:
Required:
1. Set up the preceding spreadsheet format. (The spreadsheet tips for ATC 3-9 also apply for this problem.)
2. Record the closing entries in the Closing Entries column of the spreadsheet.
3. Compute the Ending Trial Balance amounts.
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1.Why do some accountants believe that it should offset the year-end inventory balance with a fund balance-non-spendable when no comparable fund balance is required for cash, taxes receivable, or most other assets?
Interview Notes
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