Business, 05.03.2021 18:50 texas101st78
At the end of 2020, Vaughn Manufacturing made four adjusting entries for the following items:
1. Depreciation expense, $25500.
2. Expired insurance, $2140 (originally recorded as prepaid insurance.)
3. Interest payable, $6500.
4. Rent receivable, $11000.
In the normal situation, to facilitate subsequent entries, the adjusting entry or entries that may be reversed is (are) :
a. Entry No. 3 only.
b. Entry No. 3 and No.
c. Entry No. 2, No. 3 and No. 4.
d. Entry No. 4 only.
Answers: 2
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At the end of 2020, Vaughn Manufacturing made four adjusting entries for the following items:
1. De...
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