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ACC 421 Final Exam Guide (New)

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Transactions for Mehta Company for the month of May are presented
below. Prepare journal entries for each of these transactions.
On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a
3-year insurance policy. Both companies have fiscal years ending
December 31. For Crowe Co., journalize the entry on July 1 and the
adjusting entry on December 31.
Dresser Company’s weekly payroll, paid on Fridays, totals $8,000.
Employees work a 5-day week. Prepare Dresser’s adjusting entry on
Wednesday, December 31, and the journal entry to record the $8,000
cash payment on Friday, January 2
Side Kicks has year-end account balances of Sales Revenue $808,900;
Interest Revenue $13,500; Cost of Goods Sold $556,200;
Administrative Expenses $189,000; Income Tax Expense $35,100; and
Dividends $18,900. Prepare the year-end closing entrie