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university of california Operations And Supply Chain Management Assignment Help - journal entries


Question - Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1
Arnez Co. follows the practice of recording prepaid expenses and unearned revenues in balance
sheet accounts. The company's annual accounting period ends on December 31, 2013. The following
information concerns the adjusting entries to be recorded as of that date.

a.
The Office Supplies account started the year with a $4,000 balance. During 2013, the company
purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of
supplies available at December 31, 2013, totaled $2,554.

b. An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost
A April 1, 2 ...Read More

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