Adjusting the accounts
Mendez Inc. experienced the following accounting events during its 2011 accounting period.
1. Paid cash to settle an account payable.
2. Collected a cash advance for services that will be provided during the coming year.
3. Paid a cash dividend to the stockholders.
4. Paid cash for a one-year lease to rent office space.
5. Collected cash from accounts receivable.
6. Recognized cash revenue.
7. Issued common stock. |
8. Paid cash to purchase land. ^
9. Paid cash to purchase supplies.
10. Recognized operating expenses on account.
Required
a. Identify the events that would require a year-end adjusting entry. ,
b. Are adjusting or closing entries recorded first? Why?
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