Adjusting entries
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Accounts ending on december 31st:
a) depreciation on equipment, $2,500
b) services performed but unbilled,$3,500
c) salaries owed to employees at year end, $2,500
d) unearned service earned,$ 5,500
e) supplies used during the year,$3,200
f) pre paid rent expired during the year $7,500
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Adjusting entries are made to match the costs and revenues in the year end.
a) depreciation on equipment, $2,500
Depreciation Expense Dr 2,500
Accumulated Depreciation Cr 2,500
b) services performed but unbilled,$3,500
services have been performed, so ...
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