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Lecture 12

COMMERCE 1AA3 Lecture Notes - Lecture 12: Interest Expense, Net Income, Accrued Interest


Department
Commerce
Course Code
COMMERCE 1AA3
Professor
Aadil Merali Juma
Lecture
12

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Financial Accounting- COMMERCE 1AA3: Class 12
Study:
Learn what are debits and what are credits.
Memorize the names of the accounts and what they are.
a) Debit Insurance expense $3100, credit Prepaid Insurance $3100.
b) Debit Salary Expense $3600, credit Salaries Payable $3600
c) Debit Interest Receivable $500, credit Interest Revenue $500
d) Debit Supplies Expense $6600, credit Supplies $6600
e) Debit Unearned Service Revenue $4000, Service Revenue $4000
f) Debit Depreciation Expense - Office Furniture $1000, debit Depreciation Expense -
Equipment $2700, credit Accumulated Depreciation of Furniture $1000, credit Accumulated
Depreciation of Equipment $2700
LC 2 is very important.
find more resources at oneclass.com
find more resources at oneclass.com
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