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Palmer industries prepares annual financial statements

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Palmer industries prepares annual financial statements and adjusts its accounts, only at the end of the year. The following information is available for the year ended December 31, 2014.

On August 1, 2014, Palmer created a liability account, Customer Deposits, for $24,000. This sum represents an amount that a customer paid in advance and that will be earned evenly by Palmer over a six-month period.

For this situation, identify and analyze the adjustment to be recorded on December 31, 2014.

Reference no: EM131815912

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