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
Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu

The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th

my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.

Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts

Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert

The decision has been made: You [Tracy] have opted to start your career by joining an international accounting firm. But you can't help wondering if you have the right skills both

Question: Artarmon Ltd uses a job-order costing system and a predetermined overhead rate based on direct labour cost. Estimated manufacturing overheads for the coming year were

2. One never goes alone, hens operation research employs different tools to accomplish: its own tasks, discus each and every tool employed by or throughout its doers.


Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w