answer in 20 minutesDaube Industries’ operations for the month of October are summarized as follows: Provided $2,500 of services in October on account.Received $2,000 cash from customers for services provided in October.Received $500 cash for services to be provided in November.Received $1,500 cash from customers on account for services provided in September.Paid September’s warehouse rental bill on account in the amount of $500.Received October’s warehouse rental bill of $750; set it aside to be paid at a later date.Required:Prepare journal entries to record the transactions identified among activities (A) through (F).Calculate the Net Income.

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Description: answer in 20 minutesDaube Industries’ operations for the month of October are summarized as follows: Provided $2,500 of services in October on account.Received $2,000 cash from customers for services provided in October.Received $500 cash for service

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

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Problem 5PA: The transactions completed by Revere Courier Company during December, the first month of the fiscal...

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Daube Industries’ operations for the month of October are summarized as follows:

Provided $2,500 of services in October on account.
Received $2,000 cash from customers for services provided in October.
Received $500 cash for services to be provided in November.
Received $1,500 cash from customers on account for services provided in September.
Paid September’s warehouse rental bill on account in the amount of $500.
Received October’s warehouse rental bill of $750; set it aside to be paid at a later date.

Required:

Prepare journal entries to record the transactions identified among activities (A) through (F).
Calculate the Net Income.

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