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  3. during march 2012 whisper lane productions inc completed the following...

Question: during march 2012 whisper lane productions inc completed the following...

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During March 2012, Whisper Lane Productions, Inc. completed the following transactions: (Click the icon to view the transactions.) The following unadjusted trial balance at March 31 was prepared: (Click the icon to view the unadjusted trial balance.) Requirement 1. Identify the accounts that will likely need to be adjusted before the monthly financial statements are prepared. What additional information would you need in each case to make the appropriate adjustment? Which accounts will need to be closed at the end of the accounting period and why? Requirement 1. Identify the accounts that will likely need to be adjusted before the monthly financial statements are prepared. What additional information would you need in each case to make the appropriate adjustment? Which accounts will need to be closed at the end of the accounting period and why? Begin by selecting the option(s) below which identifies the accounts that will likely need to be adjusted before the monthly financial statements are prepared and what additional information you would need in each case to make the appropriate adjustment. A. There are no expenses listed; they may have to be deferred. B. There are no expenses listed; they may have to be accrued. C. An adjustment would most likely be made to the land account for depreciation during March. You would need to know how long Whisper Lane Productions, Inc. plans to keep this land as an asset. An adjustment would also most likely be made to the common stock account for revenues eaned during March. You would need to know if any expenses were also incurred during the month. □ D An adjustment would most likely be made to the supplies account for supplies used during March. You would need to know how much of the supplies were used. An adjustment would also most likely be made to an interest payable account for interest expense. You would need to know the terms of the note to be able to calculate interest. More Info 1. The company borrowed $6,000 from the bank with a short-term note payable. 2. Whisper Lane paid cash of $12,000 to aoquire land 3. The company performed service for a customer and collected the cash of $3,500 4. Whisper Lane purchased supplies on account, $225 5. The company performed service for a customer on account, $1,800

More Info Whisper Lane Productions, Inc. Unadjusted Trial Balance March 31, 2012 Cash Accounts receivable Supplies Land Accounts payable Note payable Common stock Retained earnings 12,500 7,500 225 12,000 3,425 6,000 9,000 8,500 5,300 $ 32,225 $32,225 Service revenue Totals Print Done

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