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Following are selected December 31 account balance

Following are selected December 31 account balances of Kosciusko, Inc. prior to the preparation of year-end adjusting journal entries: Property, Plant & Equipment $2,530,200 Cash.. 90,850 Unearned Rental Revenue.. 79,000 Common Stock. 250,000 Prepaid Rent.. 15,400 Land.. 440,500 Note Payable. 150,000 Retained Earnings.. 3,770,100 Required: (a) Of the listed accounts, which ones will likely necessitate year-end adjusting journal entries? (b) Briefly describes the nature of the adjusting journal entries for the accounts identified. (c) Why would adjusting entries not be needed for each of the non-affected accounts? View Solution: Following are selected December 31 account balances of Kosciusko Inc

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