south seas fisheries had the following additional information at its november 30 201 4374360

South Seas Fisheries had the following additional information at its November 30, 2014, year-end:a. The Unearned Revenue account showed a balance of $62,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2014.b. The payroll register showed the following unpaid amounts as at November 30:c. The November utility bill in the amount of $2,160 was unpaid and unrecorded at November 30.Required Prepare the appropriate entries at year-end based on the above information.Analysis Component: If the above entries are not recorded on November 30, 2014, what is the effect on the income statement and the balance sheet? Identify which GAAP would beviolated.
View Solution:
South Seas Fisheries had the following additional information at its

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more
GET A FREE QUOTE





  
Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?