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H3Ko H3Ko
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7 years ago
Avalon Event Planning Services, Inc. records deferred expenses and deferred revenues using the alternative treatments. It makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year. On October 1, it paid $3,700 for insurance for a one-year period. At the end of the year, it will make an adjusting entry that debits Insurance Expense for $2,158.
A) True
B) False
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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7 years ago
Excellent Slight Smile
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