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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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How many postings to Fees Earned for the month would be needed in Discussion Question 3 if the procedure described in (a) had been used; if the procedure described in (b) had been used?

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to customer on account (credit).

To identify: The amount of fees earned (mentioned in the discussion question 3).

Explanation

The amount of fees earned during...

(b)

To determine

To discuss: No. of posting needed to record the fees earned for the month.

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