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QuickBooks Chapter 7 Questions and Answers 100% Verified
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The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are rarely recorded for a company. E)All of the above. C)Last day of the month, quarter, or year On January 1 of the new year, this account shows Net Income: A)Sales. B)Cost of Goods Sold. C)Common Stock. D)Retained Earnings E)None of the above. D)Retained Earning
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quickbooks chapter 7 questions and answers
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