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Used to manage the body’s reactions to everyday demand

During 2017, Isaiah, Inc. provided services for cash of $21, 000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred operating expenses of $22,700, $14,000 of which were paid during the year. The amount of net income(loss) for the year is

On June 30, Isaiah, Inc. purchased 1 year of insurance coverage paying cash of $4,000. Assuming the insurance coverage began immediately and that year-end for the company is December 31st, which of the following statements is true?

Unearned revenue accounts are accrued liabilities and, as such, should be accrued correctly by year-end in the adjustment process.

Accumulated depreciation is a contra-liability account and as such normally has a credit balance.

In the closing process, accumulated depreciation would require a debit to the account accumulated depreciation and a credit to income summary because the normal balance of accumulated depreciation is a credit.

Isaiah, Inc. incurred $5,000 in wages for employees for the year. $4,500 of these wages were paid by the end of the year. Choose the TRUE statement. 

During 2017, Isaiah, Inc. provided services for cash of $21, 000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred operating expenses of $22,700, $14,000 of which were paid during the year. The amount of net income(loss) for the year is 

All adjusting entries should be recorded in the general journal and afterwards posted to their respective accounts in the general ledger.

Adjusting entries are always needed when an expense has been incurred or a revenue has been earned, but neither has involved cash yet.