The following accounts are disclosed from an unadjusted trial balance dated 12/31/23. The company makes adjusting entries on an annual basis each 12/31. - The insurance contract is a three-year contract that was originally paid for and signed on 8/1/22. - The note payable has an annual interest rate of 4% and was signed on 4/1/23. The interest is paid annually with the first payment due 3/31/24. - The deferred revenue contract represents monthly service terms that last a year. The contract was signed on 9/1/23. - The company has an effective tax rate of 20%. 1. Provide the annual adjusting entries for the year 2022. For each adjustment, determine how each debit/credit increases or decreases A/L/NI. Also, classify each adjustment as an accrual or deferral. (10 points each) 
Other questions asked by students
Accounting
Basic Math
Q
Discuss how the use/purpose of horses has changed over time and describe how the horse industry...
Biology
Psychology
Biology