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On November 1, an exterior painting company received $5,310 for a paint job that will not be finished for a few months. As of December 31, which is the end of the fiscal period, $2,400 worth of painting will not have been completed. The bookkeeper completed the following entries prior to leaving on vacation: The owner wants to get a bank loan by December 1. The bank requires interim financial statements to be submitted as of December 1. How will the bookkeeper’s entries affect the accuracy of the interim balance sheet and income statements? What difference will the bookkeeper’s methods make in the December 31 balance sheet and income statement?

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

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Chapter
Section
Chapter 11, Problem 3A
Textbook Problem

On November 1, an exterior painting company received $5,310 for a paint job that will not be finished for a few months. As of December 31, which is the end of the fiscal period, $2,400 worth of painting will not have been completed. The bookkeeper completed the following entries prior to leaving on vacation:

Chapter 11, Problem 3A, On November 1, an exterior painting company received 5,310 for a paint job that will not be finished , example  1

Chapter 11, Problem 3A, On November 1, an exterior painting company received 5,310 for a paint job that will not be finished , example  2

Chapter 11, Problem 3A, On November 1, an exterior painting company received 5,310 for a paint job that will not be finished , example  3

The owner wants to get a bank loan by December 1. The bank requires interim financial statements to be submitted as of December 1. How will the bookkeeper’s entries affect the accuracy of the interim balance sheet and income statements? What difference will the bookkeeper’s methods make in the December 31 balance sheet and income statement?

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Chapter 11 Solutions

College Accounting (Book Only): A Career Approach
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