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Old 06-26-2008, 08:02 AM   #1 (permalink)
areedy
 
Status: n00b
Join Date: Jun 2008
Posts: 3
areedy will become famous soon enough
Default Expense discovered after month-end close

Please help with the following problem!

"You are in the process of doing month-end close, and you just received a phone bill (which arrived late) which refers to the accounting period that is being closed. Is any adjusting entry needed?"

Thank you for any help.
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