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Question - Alpine expeditions operate a mountain climbing school in Colorado. Some clients pay in advance for services; other are billed after services have been performed. Advance payments are credited to an account entitled unearned client revenue. Adjusting entries are performed on monthly basis. An unadjusted trial balance dated December 31, 2007, follows (bear in mind that adjusting entries have already been made for first 11 months of 2007 but not for December.)
Required -
a. For each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation).
b. Determine that amount at which each of the following accounts will be reported in the company's balance sheet dated December 31, 2011:
1. Cash
2. Accounts Receivable
3. Unexpired Insurance
4. Prepaid Advertising
5. Climbing Supplies
6. Climbing Equipment
7. Accumulated Depreciation: Climbing Equipment
8. Salaries Payable
9. Notes Payable
10. Interest Payable
11. Income Taxes Payable
12. Unearned Client Revenue
c. Which of the accounts listed in part b represent deferred expenses? Explain.
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