Home / Questions / Security Service Company adjusts its accounts at the end of the month On November 30 adjus...
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Security Service Company adjusts its accounts at the end of the month. On November 30, adjusting entries are prepared to record: |
| a. | Depreciation expense for November. |
| b. | Interest expense that has accrued during November. |
| c. | Revenue earned during November that has not yet been billed to customers. |
| d. | Salaries, payable to company employees, that have accrued since the last payday in November. |
| e. | The portion of the company's prepaid insurance that has expired during November. |
| f. | Earning a portion of the amount collected in advance from a customer, Harbor Restaurant. |
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Indicate the effect of each of these adjusting entries on the major elements of the company's income statement and balance sheetAc€??that is, on revenue, expenses, net income, assets, liabilities, and owners' equity. Organize your answer in tabular form, using the column headings shown and the symbols I for increase, D for decrease, and NE for no effect. The answer for adjusting entry a is provided as an example. |
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