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A. Western Company has a calendar year-end accoun...




A. Western Company has a calendar year-end accounting period. On July 1, the company purchased office equipment for $30,000. It is estimated that the office equipment will depreciate $500 each month. No adjusting entry has been made until year end. B. Ranch Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 3 tenants in $700 per month apartments and one tenant in the $1,000 per month apartment had not paid their August rent as of August 31st. c. Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. If closing entries were not made, how would the preparation of financial statements be affected? d. The income statement for a merchandising company presents five accounts not shown on a service company?s income statement. Identify and briefly explain the five unique amounts. _______________________________________________________________


Paper#7440 | Written in 18-Jul-2015

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