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Listed below are a few transactions and events of Yacht Company.

1. Yacht Company records an adjusting entry for $120,000 of previously unrecorded cash sales (costing $60,000) and its sales taxes at a rate of 6%.

2. The company earned $24,000 of $60,000 previously received in advance for services.

Prepare any necessary adjusting entries at December 31, 2011, for Yacht Company's year-end financial statements for each of the above separate transactions and events.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92797074

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