ACC 205 W2 - Assignment

1.      Recognition of concepts.

a.       3 Accrued Exp

b.      4 Accrued Rev

c.       1 Prepaid Exp

d.      2 Unearned Rev

e.       1 Prepaid Exp

f.       1 Prepaid Exp

g.      5 None

h.      5 None

2.      Understanding the closing process

a.       Note payable, accounts receivable, accumulated depreciation: building, accounts payable, cash

b.      Alex Kenzy, drawing, product revenue, utility expense, supplies expense

c.       Utility expense, supplies expense

d.      Alex Kenzy, drawing

3.      Adjusting entries and financial statements.

a.       Adjustment of an unearned revenue; increase in revenue by $750
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