Data needed to determine the year-end adjustments are as follows: a. Unexpired insurance at July 31, P4,800.00. b. Supplies on hand at July 31, P600.00 c. Depreciation of building for the year, P3,100.00 d. Depreciation of equipment for the year, P2,700.00 e. Rent unearned at July 31, P1,750.00 I. Accrued salaries and wages at July 31, P3,000.00 g. Fees earned but unbilled on July 31, P10,750.00

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.