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152.Identify the three main advantages of a computerized accounting system over a manual accounting system. 153.What is a business segment? How can business segments be analyzed? 154.If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions.
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114.In additional to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except: A.supply chain management B.regulatory compliance management C.customer relationship management D.product life cycle management 115.Month-end posting to controlling accounts in a computerized accounting system is not required because A.controlling accounts are not used in computerized systems. B.transactions are posted.
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195.Prepare closing entries from the following work sheet. Lakendra Enterprises Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr-Equip 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Lakendra Thomas, Capital 8,000 8,000 Lakendra Thomas, Drawing 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500 3,500 Totals 84,500 84,500 29,500 59,500 55,000 25,000 Net Income (Loss) 30,000 30,000 59,500 59,500 55,000 55,000 .
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179.Indicate whether each of the following would be reported in the financial statements as a(n) (a) current asset, (b) current liability, (c) revenue, or (d) expense: (1) Supplies (5) Supplies Expense (2) Unearned Fees (6) Prepaid Insurance (3) Prepaid Advertising (7) Accounts Payable (4) Advertising Expense (8) Fees Earned 180.The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April.
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160.Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate. (a) On August 2nd, Down-Under paid Pondmaster, Inc with check 6420 for 6 pumps at $435.00 each. The pumps had been purchased in July on account. (b) On August 10th, Down-Under purchased $785.00.
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136.Morgan Company has the following segment revenues for fiscal 2011 and 2010. 2011 (in millions) 2010 (in millions) U.S. $775.0 $650.00 Canada 325.5 245.5 Other countries 215.5 168.5 Total Revenues 1,316.0 1,064.0 Prepare a vertical analysis of the segment data. 137.Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Major Product Segments Fiscal Year 2009.
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159.Listed below are selected transactions completed by Ridge Company during March of the current year. Mar 5 Rendered services on account to Quinton Co., Invoice No. 92, $2,500. 10 Rendered services on account to Martin Inc., Invoice No. 93, $8,500. 13 Received $5,150 in payment of monthly rent, which was due on March 1. .
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197.Reconstruct the adjusting and closing entries from the following T-Accounts. Prepaid Insurance Accounts Receivable. Unearned Revenues Wages Payable 1,200 6,000 1,350 530 200 1,500 435 530 1,000 7,500 915 Madison Cox, Capital Madison Cox, Drawing Income Summary Fees Earned 7,000 2,100 9,935 8,000 5,280 2,100 4,655 1,500 2,100 0 5,280 435 10,180 0 9,935 0 Wages Expense Rent Expense Insurance Expense Utilities Expense 2,600 1,145 200 180 530 1,145 200 180 3,130 0 0 0 0 .
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156.The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required. PURCHASES JOURNAL ) Date Account Credited Post. Ref. Accounts Payable Cr. Office Supplies Dr. Store Supplies Dr. ) ) ) July ) 3 Morton Company (a) 1,150 ..... 1,150 ) 7 Jackson Co. (b) 4,800 4,800 ..... ) 14 Fallon Inc. (c) 7,000 7,000 ..... ) 26 Simpson Bros. (d) 2,350 ..... ..... ) 31 15,300 11,800 1,150 ) (e) (f) (g) ) ( ( ( Other.
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186.Prepare an income statement and a statement of owner’s equity, for the month ended August 31, 2010, from the following T-Accounts of Marley Company. Prepaid Insurance Accounts Receivable Unearned Revenues Wages Payable 1,100 5,400 1,400 480 200 800 400 Marley, Capital Marley, Drawing Income Summary Fees Earned 6,500 3,200 9,975 7,500 2,800 3,200 3,845 2,000 5,930 5,930 275 3,200 9,775 Wages Expense Rent Expense Insurance Expense Utilities Expense 2,200 990 135 95 425 990 135 95 2,625 .
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131.Define the meaning of B2C and B2B. 132.The discovery and correction of errors is important in a computerized system. What kind of error(s) might occur in these systems? What type of error(s) will be prevented in a computerized system? 133.Describe and discuss e-commerce. 134.The Internet creates opportunities for improving the speed and efficiency.
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175.Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Debit Credit Cash $ 1,500 Accounts receivable 2,000 Interest receivable 100 Prepaid insurance 1,600 Notes receivable (long-term) 2,800 Equipment 15,000 Accumulated depreciation $3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent fees 500 Bob Evans, Capital 7,700 Bob Evans, Drawing 2,000 Rent fees earned 41,000 Furniture rental revenue 1,200 Interest revenue 100 Wages expense 19,000 Depreciation expense 1,800 Utilities expense 320 Insurance expense 700 Maintenance.
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192.The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company. Utilize these adjusted values to perform the closing entries for Erik Martin Company. Cash $24,750.00 Accounts Receivable 5,750.00 Office Supplies 3,525.00 Store Supplies 4,785.00 Machinery 9,750.00 Accumulated Depreciation 2,150.00 Accounts Payable 3,550.00 Notes Payable 7,500.00 Erik Martin, Capital 19,725.00 Erik Martin, Drawing 6,250.00 Service Revenue 36,500.00 Wages Expense 6,425.00 Office Supplies.
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158.The following are selected transactions related to purchases on account and cash payments completed during April of the current year. Apr 1 Issued Check No. 60 in payment of rent for month, $2,400. 5 Purchased office supplies from Clauson Co., $850. 9 Issued Check No. 61 to Dame Co. for $9,750 for cash purchase of equipment. 10 Purchased.
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144.The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Date Item Post. Ref. Debit Credit Balance Nov 1 Balance Ö 125 Nov 9 Invoice 456 CP 55 43 82 Nov 18 Invoice 475 P89 93 175 Describe each transaction and the source of each posting. 145.The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account: NAME: Banner.
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201.Complete the following worksheet for Danilo Enterprises. Danilo Enterprises Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 14,500 Accounts Receivable 7,500 Supplies 500 Equipment 20,500 Accumulated Depr-Equip 15,000 Accounts Payable 9,500 Wages Payable 3,060 Tony Danilo, Capital 18,240 Tony Danilo, Drawing 1,000 Fees Earned 34,000 Wages Expense 18,000 Rent Expense 9,300 Depreciation Expense 8,500 Totals 79,800 79,800 Net Income (Loss) .
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11.Specialized journals are books of original entry. 12.Transactions must first be recorded into the general journal before they can be entered into specialized journals. 13.The format and number of specialized journals that a business uses depends upon the legal organization of the business. 14.The basic procedure of posting from a revenue journal is.
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198.Reconstruct adjusting and closing entries for the month ended September 30, 2010 from the T-accounts below. Prepaid Insurance Accounts Receivable. Unearned Revenues Wages Payable 1,350 1,250 1,050 385 130 275 235 385 1,220 1,525 815 Mai Lui, Capital Mai Lui, Drawing Income Summary Fees Earned 7,000 2,400 5,510 5,000 580 2,400 6,090 275 2,400 0 580 235 4,020 5,510 Wages Expense Rent Expense Insurance Expense Utilities Expense 3,600 1,880 130 95 385 1,880 130 95 3,985 0 0 0 0 .
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84.When posting the column totals of a cash payments journal, a debit should be posted to A.Cash B.Accounts Payable C.Sales Discounts D.Unearned Revenue 85.In which journal is the receipt of a promissory note from a customer on account recorded? A.Revenue journal B.Cash Receipts journal C.General journal D.Purchases journal 86.Subsidiary ledgers A.are used only for Accounts Payable and Accounts Receivable B.may.
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174.Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Debit Credit Cash $ 1,500 Accounts receivable 2,000 Interest receivable 100 Prepaid insurance 1,600 Notes receivable (long-term) 2,800 Equipment 15,000 Accumulated depreciation $3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent fees 500 Bob Evans, Capital 7,700 Bob Evans, Drawing 2,000 Rent fees earned 37,000 Furniture rental revenue 1,200 Interest revenue 100 Wages expense 19,000 Depreciation expense 1,800 Utilities expense 320 Insurance expense 700 Maintenance.
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193.The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company. Cash $34,750.00 Accounts Receivable 9,750.00 Office Supplies 2,525.00 Store Supplies 4,785.00 Machinery 10,750.00 Accumulated Depreciation 2,150.00 Accounts Payable 14,300.00 Notes Payable 11,500.00 Ladonna Douglas, Capital 53,725.00 Ladonna Douglas, Drawing 13,250.00 Service Revenue 41,500.00 Wages Expense 37,425.00 Rent Expense 3,000.00 Advertising.
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182.The following data were taken from the Balance Sheet columns of the work sheet for April 30, 2010 for Mackenzie Company: Accumulated Depreciation-Trucks $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Mackenzie, Capital ? Prepare a classified balance sheet. 183.Indicate whether each of the following would be reported in the section of financial statements identified as (a) current asset, (b) property,.
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147.Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where is should be posted. (a) On January 3rd a one-year insurance policy was purchased for $1,200. The account.
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199. 1)Dana Bowen Company is completing its first year of operations on April 30, 2010. Reconstruct the entries for the year ended April 30, 2010 from the T-accounts below. Record them as follows: A - L Journal Entries M- R Adjusting Journal Entries 2)Balance and prepare the Income Statement, Statement of Owner’s Equity, and.
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191.On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30th, journalize the closing entries for Perez Roofing Company. Cash $22,500.00 Accounts Receivable 3,575.00 Office Supplies 2,850.00 Repair Parts 3,785.00 Machinery 17,750.00 Accumulated Depreciation 3,250.00 Accounts Payable 1,150.00 Notes Payable 6,500.00 Sam Perez, Capital 2,500.00 Sam Perez,.
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124.Briefly describe the three-step process of accounting system development. 125.Define and describe an accounting system. 126.Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations: (a) On March 20th Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on invoice 887. (b) On March 21st Porshe sells 5 cell phone.
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54.A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business’s financial and operating information. A.accounting B.fiduciary C.operations D.auditing 55.The phase of accounting system installation in which the information needs of people in the organization are taken into account is A.analysis B.design C.implementation D.installation 56.Which of the following is not one.
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64.The subsidiary ledger that includes customer account activity is called the A.asset ledger B.accounts payable ledger C.expense ledger D.accounts receivable ledger 65.Every controlling account must have its own A.revenue ledger B.general ledger C.subsidiary ledger D.journal 66.At the end of the month, the total of the amount column of the revenue journal is posted as a A.debit to Accounts Receivable and.
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31.The revenue journal is to make it more efficient to record sales transactions made for cash. 32.The post reference column of the revenue journal will reference the account number of the customer. 33.The total of the accounts receivable subsidiary accounts and the account receivable controlling account should balance to each other at.
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184.The following balance sheet contains errors. Brock Morton Services Co. Balance Sheet For the Year Ended December 31, 2010 Assets Liabilities Current assets: Current liabilities: Cash $7,170 Accounts receivable $ 10,000 Accounts payable 7,500 Accum. depr-building 12,525 Supplies 2,590 Accum. depr-equipment 7,340 Prepaid insurance 800 Net income 11,500 Land 24,000 Total current assets $42,060 Total liabilities $41,365 Owner's Equity Property, plant, and equipment: Wages payable $ 1,500 Building $43,700 Brock Morton, Capital  88,645 Equipment 29,250 Total owner's equity $90,145 Total property, plant, .
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188.Selected ledger accounts appear below for Fulton Surveying Services for 2010. Fulton, Capital Fulton, Drawing 12/31 15,000 1/1 20,000 3/31 12,000 12/31 15,000 12/31 45,000 12/22 3,000 Income Summary 12/31 19,000 12/31 64,000 12/31 45,000 Prepare a statement of owner's equity. 189.On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March.
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128.The debits and credits from two transactions are presented in the following customer account: NAME: Boogie Board Water Wear ADDRESS: 2340 Xtreme Surf Date Item Post Ref Debit Credit Balance July 1 Balance 805 July 6 Invoice 406 R42 645 1,450 July 24 Invoice 456 CR56 710 740 Describe each transaction and the source of each posting. 129.The following purchase transactions occurred during August for Backcountry Kayak Company. Aug 1 Purchased kevlar kayaks for $5,060.
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187.Prepare an income statement and a statement of owner’s equity for the month ended September 30, 2010 from the T-accounts below of Carson Company. Prepaid Insurance Accounts Receivable Unearned Revenues Wages Payable 1,400 1,600 1,200 435 120 400 200 Carson, Capital Carson, Drawing Income Summary Fees Earned 6,800 2,400 4,150 3,300 2,500 2400 4,760 500 610 610 350 2,400 4,150 Wages Expense Rent Expense Insurance Expense Utilities Expense 3,200 1,130 80 125 225 1,130 80 125 3,425 .
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194.Marcus Enterprises was started by Damien Marcus in 2009. During 2010, Damien Marcus invested $8,000 in the business. Based on the following worksheet, prepare and income statement, statement of owner’s equity, and balance sheet for Marcus Enterprises for the year ended December 31, 2010. Marcus Enterprises Worksheet For the Year Ended December 31,.
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163.Read each transaction and identify the appropriate journal that it should be recorded in; 1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record.
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139.For each of the following businesses, explain how a purchase journal might be modified for the specific business. 1. North County Medical Center 2. Tri-County Farms, Inc. 3. Prescott’s Quick Lube and Tire Store 140.For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon’s Auto.
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149.The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings? Date Account Credited Post. Ref. Accounts Payable Dr. Accounts Receivable Cr. Cash Cr. Other Accounts Dr. 150.List the 4 most common special journals used in accounting and describe the transaction recorded in each journal. 151.Westsouth Publishing reports the following segment.
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51.Match the transaction below with the journal or ledger in which it would be entered. 1.record purchase on account from vendor General journal 2.record payment received from customer Accounts receivable subsidiary ledger 3.cash receipt posting to an individual customer account Revenue journal 4.record sale on account to customer Purchase journal 5.monthly adjustment for supplies used Cash receipts journal 6.record payment made.
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21.A controlling account is used to record the details of the individual accounts. 22.A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal. 23.A personal withdrawal of cash is recorded in the general journal. 24.Services provided for cash is recorded in the revenue journal. 25.Services.
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185.The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial Balance December 31, 2010 Cash 5,130 Accounts Receivable 3,300 Prepaid Expenses 550 Equipment 12,400 Accumulated Depreciation 2,200 Accounts Payable 700 Notes Payable - Due on June 30, 2011 4,000 Nadia Porter, Capital 13,000 Nadia Porter, Drawing 700 Fees Earned 9,930 Wages Expense 2,450 Rent Expense 1,900 Utilities Expense 1,475 Depreciation Expense 1,150 Miscellaneous Expense 775 Totals 29,830 29,830 Prepare an Income Statement, Balance Sheet, and Statement of Owner’s Equity. Assume that the.
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94.A cash investment made by the owner should be recorded on the A.cash receipts journal B.purchases journal C.cash payments journal D.general journal 95.A withdrawal of cash made by the owner will be found in the A.cash receipts journal B.cash payments journal C.general journal D.purchases journal 96.An owner transfers a personal automobile to the company with a fair market.
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161.Voyager Electronic Services has three customers in its Accounts Receivable Subsidiary Ledger with the following detail: Fred Yao Ming – Beginning balance $1,150.00 Kohl Townson – Beginning balance $850.00 Chandra Jahi – Beginning balance $1,075.00 Accounts Receivable controlling Account balance $3,075.00 Journalize then post the following five transactions to the General Journal. Then post the.
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196.The following is the adjusted trial balance for Sandeep Company. Sandeep Company Adjusted Trial Balance December 31, 2010 Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Rena Sandeep, Capital 11,200 Rena Sandeep, Drawing 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Totals 53,700 53,700 Prepare closing entries and the post closing trial balance. .
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1.Businesses must implement controls to help guide the behavior of their employees toward business objectives. 2.The methods or procedures used to record and report financial data are called the accounting system. 3.Systems analysis is the final phase in the creation or revision of an accounting system. 4.Processing methods are the means by which.
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74.Which of the following transactions is recorded in the revenue journal? A.sale of excess office equipment for cash B.rendering services for cash C.rendering services on account D.sale of excess office equipment on account 75.Each individual entry in the Revenue Journal is posted to A.the Accounts Receivable controlling account B.the accounts receivable subsidiary ledger C.the Revenue controlling account D.the accounts.
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41.The total on the "Accounts Payable Creditors Balances" report at January 31, the end of the first month of operations, agrees with the total of the Accounts Payable debit column in the cash payments journal for the same period. 42.The accounts included on specialized journals should not be customized for a.
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104.An adjustment resulting from a creditor charging too much for merchandise would be recorded in the: A.general journal B.purchases journal C.cash payments journal D.cash receipts journal 105.The total on the "Cash Receipts" report at January 31 should equal A.the total revenue earned for the month of January. B.the total of the purchases journal on January 31. C.the total.
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200.The balances in the ledger of Good Landscape Services as of January 31, 2010 before adjustments, are as follows: Cash $4,250 Dalton Good, Capital $20,375 Supplies 3,900 Dalton Good, Drawing 3,425 Prepaid Insurance 8,400 Service Revenue 63,200 Equipment 41,750 Salary Expense 24,300 Accumulated Rent Expense 6,000 Depreciation 9,950 Miscellaneous Expense 1,500 Adjustment data are as follows: supplies on hand, January 31, $1,800; insurance expired for January, $1,100; depreciation on equipment for January, $2,500;.
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