FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

I need to make adjustments on the end-of-period worksheet using the adjusting journal entries. 

General Journal Date Account Titles Debit Credit $ 1,575.00 Interest Expense Interest Payable а. 1,575 Insurance Expense Prepaid Insurance b. 10,000 10,000 Rent Expense Prepaid Rent с. 10,000 10,000 d. Uneaned Revenue 2,000 Service Revenue 2,000 44,277 Supplies Expense Supplies е. 44,277 f. Depreciation Expense Accumulated Depreciation 75,000 75,000 g. Note Recievable 588 Cash 588 h. Bad Debts Expense 21,145 Accounts Recievable 21,145 Accrued Wages Salaries and Wages Payable i 70,000 70,000 j. Utilities Expense Utilities Payable 7,000 7,000
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Transcribed Image Text:General Journal Date Account Titles Debit Credit $ 1,575.00 Interest Expense Interest Payable а. 1,575 Insurance Expense Prepaid Insurance b. 10,000 10,000 Rent Expense Prepaid Rent с. 10,000 10,000 d. Uneaned Revenue 2,000 Service Revenue 2,000 44,277 Supplies Expense Supplies е. 44,277 f. Depreciation Expense Accumulated Depreciation 75,000 75,000 g. Note Recievable 588 Cash 588 h. Bad Debts Expense 21,145 Accounts Recievable 21,145 Accrued Wages Salaries and Wages Payable i 70,000 70,000 j. Utilities Expense Utilities Payable 7,000 7,000
Unadjusted Account Title Trial Balance Adjustments DR CR DR CR Cash 136,789 Accounts Receivable 378,956 Allowance for Doubtful Accounts 16,782 Interest Receivable Note Receivable 150,000 Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries & Wages Payable 361,866 60,000 30,000 46,777 400,000 75,000 51,709 Unearned Revenue 24,000 Interest Payable Utilities Payable Note Payable (final payment due 2023) 350,000 Common Stock 270,600 Retained Earnings 424,500 Dividends 120,000 Sales 4,050,864 35,933 Consulting Revenue 300,000 100,000 Sales Returns and Allowances Sales Discounts 1,950,000 1,200,000 Cost of Goods Sold Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense 65,000 Interest Revenue Interest Expense 5,299,388 5,299,388 Net Income
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Transcribed Image Text:Unadjusted Account Title Trial Balance Adjustments DR CR DR CR Cash 136,789 Accounts Receivable 378,956 Allowance for Doubtful Accounts 16,782 Interest Receivable Note Receivable 150,000 Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries & Wages Payable 361,866 60,000 30,000 46,777 400,000 75,000 51,709 Unearned Revenue 24,000 Interest Payable Utilities Payable Note Payable (final payment due 2023) 350,000 Common Stock 270,600 Retained Earnings 424,500 Dividends 120,000 Sales 4,050,864 35,933 Consulting Revenue 300,000 100,000 Sales Returns and Allowances Sales Discounts 1,950,000 1,200,000 Cost of Goods Sold Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense 65,000 Interest Revenue Interest Expense 5,299,388 5,299,388 Net Income
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