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dezoksy [38]
1 year ago
7

The following items were selected from among the transactions completed by O’Donnel Co. during the current year:

Business
1 answer:
FrozenT [24]1 year ago
6 0

Answer:

Explanation:

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.

The solution to the above has been attached.

b. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles):

The solution to the question has been attached.

It should be noted that:

March 11: Interest Expense was calculated as:

= ($240,000 × 30/360 × 4%)

= $240,000 × 0.0833 × 0.04

= 800

Check the attached file

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