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CHAPTER 5 ADJUSTING PROCESS - Assignment

This document provides information about adjusting entries for various accounts. It lists accounts that normally require adjusting entries and classifies items as prepaid expenses, unearned revenue, accrued revenue, or accrued expenses. It also provides partial adjusting entries that require the credit account to be identified.

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104 views1 page

CHAPTER 5 ADJUSTING PROCESS - Assignment

This document provides information about adjusting entries for various accounts. It lists accounts that normally require adjusting entries and classifies items as prepaid expenses, unearned revenue, accrued revenue, or accrued expenses. It also provides partial adjusting entries that require the credit account to be identified.

Uploaded by

jepsyut
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ADJUSTING ENTRIES

ASSIGNMENT

Debit Credit
a. Accumulated Depreciation Yes k. Pam San Jose, Capital No
b. Albert Santiago, Drawing Yes l. Prepaid Expense Yes
c. Office Equipment No m. Prepaid Rent Yes
d. Salaries Payable Yes n. Wages Expense Yes
e. Supplies Yes o. Computer Equipment No
f. Unearned Rent Yes p. Accounts Receivable Yes
g. Building No q. Insurance Expense Yes
h. Cash No r. Accounts Payable No
i. Interest Expense Yes
j. Miscellaneous Expense Yes
1. Indicate with a Yes or No whether or not each of the following accounts normally requires and
adjusting entry:
2. Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue
and (4) accrued expense.

a. Cash Received for services not yet 2 g. Wages owed but not yet paid 4
rendered
b. Insurance paid 1 h. Fees earned but not yet 3
received
c. Rent revenue earned but not yet 4 i. Cash received for use of land 1
received next month
d. Salaries owed but not yet paid 4 j. Rent expense owed but not 4
yet paid
e. Supplies on Hand 1 k. Water expense used but not 4
yet paid
f. Fees received but not yet earned 2 l. Insurance paid for the next 2 1
years

3. Give the account/s to be credited to complete the adjusting entries below:

Debit Credit
1. Uncollectible Accounts Expense Accounts Receivable
2. Prepaid Rent Cash
3. Office Supplies on Hand Supplies
4. Salaries Expense Wages Payable
5. Insurance Expense Prepaid Expense
6. Interest Receivable Interest Receivable
7. Interest Expense Interest Payable
8. Rent Income Unearned Rent
9. Depreciation Expense Accumulated Depreciation
10. Inventory, end Cash

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