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What is a contra account

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Question: 1. If an adjusting entry for accrued revenues of $200 at year-end is omitted, what is this error's effect on the year-end income statement and balance sheet?

2. What is a contra account? Explain its purpose.

3. What is an accrued expense? Give an example.

4. Describe how an unearned revenue arises. Give an example.

5. Music-Mart records $1,000 of accrued salaries on December 31. Five days later, on January 5 (the next payday), salaries of $7,000 are paid. What is the January 5 entry?

Reference no: EM131528207

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