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Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Solutions
Expert Solution
| Account Titles and Explanation | Debit | Credit | |
| a | Interest receivable | $ 5 | |
| Interest income | $ 5 | ||
| [To record interest income accrued] | |||
| b | Supplies expense | $ 2 | |
| Supplies on hand | $ 2 | ||
| [To record supplies used] | |||
| c | Cost of goods sold | $ 4 | |
| Inventory | $ 4 | ||
| [To record cost of goods sold] | |||
| d | Unearned rental fees | $ 7 | |
| Rental fees earned | $ 7 | ||
| [To record rental fees earned] |
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