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Link Back to Chapter 3 (Adjusting Entries). Consider the following adjusting entries:

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S4-1 Explaining worksheet items [10 min]
Link Back to Chapter 3 (Adjusting Entries). Consider the following adjusting entries:

Journal Entry
Date Accounts and Explanations

Rent expense 900
Prepaid rent 900
Unearned service revenue 350
Service revenue 350
Supplies expense 200
Supplies 200
Salary expense 850
salary payable 850

Requirement

1. State one reason why each of the previous adjusting entries were made.
Example: The explanation for journal entry a could be some of the Prepaid rent has expired. Another correct explanation would be the asset account Prepaid rent was overstated. A third correct explanation would be that Rent expense incurred was understated.

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