ACCTG311 Study Guide - Midterm Guide: Going Concern, Accounts Payable, Gross Profit
22 Feb 2015
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**note: this suggested solution does not include all possible answers, nor does it include all the judgments that are involved in evaluating responses. The unadjusted and adjusted trial balances for maine development corporation at. The company adjusts its accounts quarterly (every 3 months). The following items were adjusted on september 30: revenue earned but not billed for ,000 was accrued, revenue of ,500 that was collected in advance and earned between july and. September was adjusted: depreciation for the quarter was recorded, estimated income taxes for the year were accrued. Interest on long-term debt was accrued for the quarter. Interest is paid quarterly in addition to a principle repayment of. The next payment is due on october 1. Annual insurance was purchased on january 1, 2012 for. The insurance policy began on january 1, 2012. Determine the missing amounts (a) (h) from the trial balances on the previous page.
