Prepare any necessary adjusting entries at December 31, 2011, for Yacht Company’s year-end financial statements for each of the following separate transactions and events.
1.Yacht Company records an adjusting entry for $2,000,000 of previously unrecorded cash sales (costing $1,000,000) and its sales taxes at a rate of 5%.
2.The company earned $40,000 of $100,000 previously received in advance for services.
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