Adjusting journal entries, Accounting Basics

 

Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and Supplies A/C Cr.2) Salaries payable; Salaries expense A/C Dr. and Salaries Payable A/C Cr. 3) Prepaid Expense; Prepaid Expense A/C Dr.and particular expense Cr.4) Depreciation; Depreciation on Particular Asset A/C Dr. and Accumulated A/C Cr.

 

Dr.                                                                                                                                                              Cr.                                                    

 Date

        Particulars         

       Amount

    Date

        Particulars

     Amount

 

To Common stock

 

$20000

 

By purchases

 

$10,000

 

 

 

 

By Balance C/D

 

$10,000

 

Total

 

$20000

 

Total

 

$20,000

This is an example of Cash A/C

 

 

Posted Date: 7/26/2012 5:30:58 AM | Location : United States







Related Discussions:- Adjusting journal entries, Assignment Help, Ask Question on Adjusting journal entries, Get Answer, Expert's Help, Adjusting journal entries Discussions

Write discussion on Adjusting journal entries
Your posts are moderated
Related Questions
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare

Consumers and others: Consumers' organizations, welfare organizations, media and public at huge are also interested in condensed accounting information so as to appraise the effic

can you show me a sample balance sheet with retained earnings included?

Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate

Q. Example of perpetual inventory procedure? The Perpetual inventory procedure Companies use perpetual inventory procedure in a range of business settings. In the past companie

Concept of Flow of Funds :  It refers to the 'Change in Funds' or 'Change in Working Capital'.  That is, any increase or decrease in Working Capital. In business, daily, numerous t


Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio

Analysing and Recording Process Question A friend knows that you are studying the Business Accounting 1 course, so he approaches you and enquires about the steps of the ana

Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts