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On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
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On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber's adjusting entry at the end of February should include a debit to Rent Expense in the amount of
An adjusting entry recorded June salary expense that will be paid in July. Which statement best describes the effect of this adjusting entry on the company's accounting equation?
On April 1, 2016, Jiminee Insurance Company sold a one-year insurance policy covering the year ended March 31, 2017. Jiminee collected the full $1,800 on April 1, 2016. Jiminee made the following journal entry to record the receipt of cash in advance:Apr 1 Cash 1,800Unearned Revenue 1,800Nine months have passed, and Jiminee has made no adjusting entries. Based on these facts, the adjusting entry needed by Jiminee at December 31, 2016, is:
The Unearned Revenue account of Berry Incorporated began 2016 with a normal balance of $3,000 and ended 2016 with a normal balance of $ 19,000. During 2016, the Unearned Revenue account was credited for $22,000 that Berry will earn later. Based on these facts, how much revenue did Berry earn in 2016?
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