Adjusting journal entry example
[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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journal entry. was required to record the transaction and a . posting. was required to record the amounts in their . accounts. and calculate account . balances. ~ Companies often have cycles and established systems in which certain transactions are journalized and posted. For example…
[DOC File]Practice Problem 2
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4 The adjusting entry for an accrued expense (for example, interest). 5 A prepaid expense (for example, rent) is recorded in an expense account at acquisition. 6 Unearned revenue (for example, service revenue collected in advance) is recorded in a revenue account when the cash is received.
[DOC File]Enter Journal Entries
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8. An adjusting journal entry to recognize accrued salaries payable would cause which of the following? a. A decrease in assets and stockholder’s equity. b. A decrease in assets and liabilities. c. An increase in expenses, liabilities, and stockholder’s equity. d. An increase in …
[DOCX File]Chapter 03 - The Adjusting Process
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For example, if activity levels are higher than planned, then costs should also increase. ... the controller’s adjusting entry was for the wrong amount. Audit spreadsheets used to support journal entries . c. The controller forgot to make an adjusting entry t ... Are the spreadsheets used to calculate amounts for adjusting journal entries ...
Adjusting Entries - Guide to Making Adjusting Journal Entries, Exa…
General Journal Page 1 Date Account Title P.R. Debit Credit 2014 Adjusting Entries Dec. 31 Salaries Expense 12,000.00 Salaries Payable 12,000.00 An adjusting entry, such as one for an accrued expense, affects both the income statement and the balance sheet) as it results in an increase (debit) to an expense account and an increase (credit) to a ...
[DOC File]More Practice for the Final Exam Adjusting Entries
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The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. ... Which of the following is an example of an accrued expense? salary owed but not yet paid. fees received but not yet earned. supplies on hand. a two-year premium paid on a fire insurance policy.
[DOC File]UNIT #8 - ADJUSTING ENTRIES
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An example of a contra account is: A) Depreciation expense. B) Accounts receivable. C) Sales revenue. D) Accumulated depreciation. ... What is the adjusting entry to record accrued salaries at the end of June? A) Salaries expense 22,400. Prepaid salaries 9,600. Salaries payable 32,000. B) Salaries expense 6,400. Salaries payable 6,400. C ...
[DOCX File]CHAPTER 15
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The Journal Entry is the main transaction in the General Ledger, especially if it is integrated. The fields for the journal entry are account number, account name (automatically entered by the program), debit or credit, amount ($), then the reference for this entry. The reference could be as little as 25 characters or as many as for lines.
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