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Practice with Adjusting and Reversing Entries On October 1, 2023 XYZ pays $56,000 to...

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Accounting

Practice with Adjusting and Reversing Entries

  1. On October 1, 2023 XYZ pays $56,000 to insurance company for property coverage for 2 years. What is initial entry on October 1 and what adjusting entry is required on December 31, 2023

October 1, 2023:

December 31, 2023

  1. On January 1, 2023 ABC Rental Agency collects $40,000 rent in advance from tenant who will get free rent for the next 4 years, What is the initial entry by ABC on January 1 and what adjusting entry is required on December 31, 2023

January 1, 2023

December 31, 2023

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