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Journalizing adjusting entries Consider the following situations a Business receives $3200 on January 1 for 10 month service contract for the period January 1 through October 31 b Total

Journalizing adjusting entries Consider the following situations:

a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31.

b. Total salaries for all employees is $3,100 per month. Employees are paid on the 1st and 15th of the month.

c. Work performed but not yet billed to customers for the month is $1,500.

d. The company pays interest on its $8,000, 4% note payable of $27 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31.

Apr 21 2020 View more View Less

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