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  • Problem 1: Required: Prepare The Necessary Adjusting Entries For Each Companies at Year-End

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    Ran Cañete
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    The three companies Approve, Baldwins, and Collect each started the year with $95,000 of supplies on hand. Approve and Collect record the beginning balance in a Supplies account, while Baldwins records it in a Supplies Expense account. Approve debits Supplies for purchases, while Baldwins and Collect debit Supplies Expense. Each company acquired $372,000 of supplies during the year and have $100,000 remaining at the end.

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    The three companies Approve, Baldwins, and Collect each started the year with $95,000 of supplies on hand. Approve and Collect record the beginning balance in a Supplies account, while Baldwins records it in a Supplies Expense account. Approve debits Supplies for purchases, while Baldwins and Collect debit Supplies Expense. Each company acquired $372,000 of supplies during the year and have $100,000 remaining at the end.

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    © All Rights Reserved
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    5 views1 page

    Problem 1: Required: Prepare The Necessary Adjusting Entries For Each Companies at Year-End

    Uploaded by

    Ran Cañete
    The three companies Approve, Baldwins, and Collect each started the year with $95,000 of supplies on hand. Approve and Collect record the beginning balance in a Supplies account, while Baldwins records it in a Supplies Expense account. Approve debits Supplies for purchases, while Baldwins and Collect debit Supplies Expense. Each company acquired $372,000 of supplies during the year and have $100,000 remaining at the end.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Problem 1

    At the start of the year, Approve, Baldwins, and Collect Service Firms, each had P 95,000 of Supplies on
    hand. The three companies use different accounting procedures for recording supplies.

    Approve and Collect show the beginning balance in the Supplies Account, but Baldwins reflects the
    beginning balance in the Supplies Expense account. Approve debits the account Supplies when supplies
    are acquired or purchased, while Baldwins and Collect has a company policy of debiting Supplies
    Expense upon acquisition. Each of the three companies acquired P 372,000 worth of supplies during the
    current period, and each has P 100,000 of supplies on hand at the end of the year.

    Required: Prepare the necessary adjusting entries for each companies at year-end.

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