ACC 201
Liberty University
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ACC 201 Exam 2 2023 LATEST EXAM GRADED A+
- Exam (elaborations) • 8 pages • 2024
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Under revenue recognition principle service-type businesses recognize revenue: - 
ANSWER When the service is performed. 
A company purchased office supplies costing $4500 and debited Supplies for the 
full amount. At the end of the accounting period, a physical count of office supplies 
revealed $810 still on hand. The appropriate adjusting journal entry to be made at 
the end of the period would be: - ANSWER debit Supplies Expense, $3690; 
credit Supplies, $3690. 
$4500-$810=$3690 
(Supplies pu...
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[Solved] ACC 201 Week 5 Quiz 5 EX. 09-080 Revenue and expense data for Reuters Company are as follows: 2017 2016 Administrative expenses $24,750 $18,000 Cost of goods sold 500,000 375,000 Income tax expense 11,600 12,000 Net sales 750,000 600,000 Selling
- Exam (elaborations) • 9 pages • 2023
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[Solved] ACC 201 Week 5 Quiz 5 
EX. 09-080 Revenue and expense data for Reuters Company are as follows: 2017 2016 Administrative expenses $24,750 $18,000 Cost of goods sold 500,000 375,000 Income tax expense 11,600 12,000 Net sales 750,000 600,000 Selling expenses 182,250 154,800 Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and 2016 as a percent of sales. Round percentage values to one decimal place and state as a whole number. Do not enter the ...
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[Solved] ACC 201 Week 5 Quiz 5
- Exam (elaborations) • 9 pages • 2023
-
- $15.49
- + learn more
EX. 09-080 
Revenue and expense data for Reuters Company are as follows: 
2017 2016 
Administrative expenses $24,750 $18,000 
Cost of goods sold 500,000 375,000 
Income tax expense 11,600 12,000 
Net sales 750,000 600,000 
Selling expenses 182,250 154,800 
Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and 
2016 as a percent of sales. Round percentage values to one decimal place and state as a whole 
number. Do not enter the percent sign. (For exa...
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