Answered: Hi, I need help with adjusting entries.…

Hi, I need help with adjusting entries. A patent had been purchased for $4500 by issuing a notes payable 12/31. What would this adjusting entry look like?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hi, I need help with adjusting entries. A patent had been purchased for $4500 by issuing a notes payable 12/31. What would this adjusting entry look like?

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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