Practice with Adjusting and Reversing Entries On October 1, 2023 XYZ pays $56,000 to...
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Accounting
Practice with Adjusting and Reversing Entries
- On October 1, 2023 XYZ pays $56,000 to insurance company for property coverage for 2 years. What is initial entry on October 1 and what adjusting entry is required on December 31, 2023
October 1, 2023:
December 31, 2023
- On January 1, 2023 ABC Rental Agency collects $40,000 rent in advance from tenant who will get free rent for the next 4 years, What is the initial entry by ABC on January 1 and what adjusting entry is required on December 31, 2023
January 1, 2023
December 31, 2023
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