ACCT1501 Perdisco Adjusting Entries

Adjusting entries

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Manual Accounting Practice Set Disc-O-Tech, Australasian Edition 3

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 You are now asked to j ournalise and post the adjusting entries after completing completing the worksheet. Th is is because, in the manual accounting accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments column in the worksheet does not automatically update  the appropriate ledger accounts. Since this practice set is a manual accounting practice set, you are still required to manually journalise the adjusting entries and post them to the general ledger as a separate step.  The purpose of adjusting entries is to ensure that the general ledger account account balances balances reflect the income earned earned and expenses incurred during the accounting period. Remember Remember that the details of the end of month adj ustments for J une are as follows: Cash Registers owned by the business: original purchase price was was $7,000, estimated useful life was 4 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation Depreciation is calculated on a monthly basis using the s traight line method. The monthly depreciation depreciation charge is calculated as the yearly depreciation depreciation expense divided by the number of months in a year. Store Fixtures owned by the business: original purchase price was $38,000, estimated useful life was 10 years, and estimated residual value was $6,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the s traight line method. The monthly depreciation depreciation charge is calculated as the yearly depreciation depreciation expense divided by the number of months in a year.  The water usage for the month of J une is estimated to be $107.  The estimated electricity electricity payable as at the end of J une is $325. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and and including 24 J une. Wages incurred after that day day (from 25 J une to 30 J une inclusive) are estimated to have been $390 per day. I nterest expense expense incurred during the month month of J une but not yet paid to Earth Bank Bank for the bank loan is $205. Office supplies supplies totalling $439 are still on hand at 30 J une. One month of prepaid rent expired expired during J une. Remember that at the beginning beginning of J une, the business paid two month's worth of rent in advance. 3 months of advertising remained prepre- paid at the start of J une.

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Adjusting entries

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5 months of insurance remained remained pre- paid at the start of J une. When calculating calculating the portion of prepayments that expire during the month of J une, you are asked to assume that an equal amount of expense is incurred per month. Additionally, a stocktake revealed that the balance balance of inventory on hand as at 30 J une is equal to the closing balance of  the Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for adjusting entries

worksheet to  to assist you in recording the adjusting entries in the general journal. 1) Use the worksheet accounts. 2) Post the adjusting entries from the general j ournal to the general ledger accounts. 3) Record the final adjusted balance of each ledger account in the Adjusted Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger ledger already has a running balance, the Adj usted Balance row must still be filled out in order to receive full points. Back-On-Track functionality

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Enter all answers to the nearest whole dollar.  You are also required to apply the  journals and ledgers instructions provided instructions  provided in previous weeks. Before pressing the Submit answers button, we recommend that you click t he Show All tab and check that all relevant accounting records have been completed.

Special al J ourn ournal als s Gene Genera rall J ourn ournal al Show All Speci

Subsi Subsidi diary ary Ledg Ledge ers Gene Genera rall Led Ledger ger (Q=861.generalJ ournalAdjEntries)

GENERAL JOURNAL

Dat e

A cc cc o un un t an d Ex pl pl an an at at io io n

Jun 30 Depn Expense: Cash Registers

Ref.

Deb i t

Cr ed edi t

560

115

0

 Accum Depn: Cash Cash Registers

151

0

115

Jun 30 Depn Expense: Store Fixtures

561

267

0

161

0

267

542

107

0

222

0

107

541

263

0

221

0

263

516

2340

0

 Accum Depn: Store Fixtures Fixtures

Jun 30 Water Expense Water Payable

Jun 30 Electricity Expense Electricity Payable

Jun 30 Wages Expense

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Wages Payable

220

0

2340

571

205

0

225

0

205

Jun 30 Office Supplies Expense

544

146

0

Office Supplies

130

0

146

540

4750

0

140

0

4750

511

4000

0

Prepaid Advertising

141

0

4000

Jun 30 Insurance Expense

543

860

0

142

0

860

Jun 30 Interest Expense Interest Payable

Jun 30 Rent Expense Prepaid Rent

Jun 30  Advertising Expense

Prepaid Insurance

  Feedback

GENERAL JOURNAL

Dat e

Ex pl an at i o n

Jun

19 Sales Returns and Allowances

Jun

19

ARC - The Wikie Wah Hut

Post Ref.

401

Deb i t

Cr ed i t

1,890

110/110-3

1,890

(sales return)

Jun

19 Inventory

120

Jun

19

500

Cost of Sales

1,071 1,071

(sales return)

Jun

28 APC - Phin records

Jun

28

Inventory

210/210-5

252

120

252

(purchase return)

Jun

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30 Dep n Ex p en s e: Cas h Reg i s t er s

560

115

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Jun

30

A c c u m Depn : Cas h Reg i s t er s

151

115

(adjusting entry)

Jun

30 Dep n Ex p en s e: St o r e Fi x t u r es

561

Jun

30

161

A c c u m Depn : St o r e Fi x t u r es

267 267

(adjusting entry)

Jun

30 Wat er Ex p en s e

542

Jun

30

222

Wat er Pay ab l e

107 107

(adjusting entry)

Jun

30 El E l ec t r i c i t y Ex p en s e

541

Jun

30

221

El ec t r i c i t y Pay ab l e

263 263

(adjusting entry)

Jun

30 Wag es Ex p en s e

516

Jun

30

220

Wag es Pay ab l e

2,340 2,340

(adjusting entry)

Jun

30 Int er es t Ex pen s e

571

Jun

30

225

Int er es t Pay ab l e

205 205

(adjusting entry)

Jun

30 Of f i c e Su p pl i es Ex p en s e

544

Jun

30

130

Of f i c e Sup p l i es

146 146

(adjusting entry)

Jun

30 Ren t Ex p en s e

540

Jun

30

140

Pr ep ai d Ren t

4,750 4,750

(adjusting entry)

Jun

30 A d v er t i s i ng Ex p en s e

511

Jun

30

141

Pr ep ai d A d v er t i s i n g

4,000 4,000

(adjusting entry)

Jun

30 In Ins u r an c e Ex pen s e

543

Jun

30

142

Pr ep ai d In s u r an c e

860 860

(adjusting entry)

(Q=870-130.StoreSupplies_adjEntry)

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Account: Office Supplies Account No. 130 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

B al an c e

30 Balance

Jun

243 DR

6 Ca Cash purchase Office Supplies Expe

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

CPJ

342

GJ

0

585 DR 146

439

DR

439

DR

  Feedback

Account: Account: Office Supplies Account No. 130 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr edi t

B al anc e

30 Balance

243 DR

Jun

6 Ca Cash purchase

CPJ

Ju n

30 Su p pl i es u s ed

GJ

Ju n

30 A d j u s t ed B al an c e

342

585 DR 146

439 DR 439 DR

(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent  Account No. 140 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

B al an c e

30 Balance

Jun

0

1 Pr P repaid rent Rent Expense

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

CPJ GJ

9,500 0

9,500 DR 4750

4750

DR

4750 750

DR

  Feedback

Account: Account: Prepaid Rent  Account No. 140 Dat e

May

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Des c r i p t i o n

30 Balance

Ref .

Deb i t

Cr edi t

B al anc e

0

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Jun

1 Prepaid rent

CPJ

Ju n

30 Re Ren t ex p i r ed

GJ

Ju n

30 A d j u s t ed B al an c e

9,500

9,500 DR 4,750

4,750 DR 4,750 DR

(Q=870- 141.PrepaidAdvertising_ 141.PrepaidAdvertising_ adjEntry)

Account: Prepaid Advertising Account No. 141 Dat e

Des c r i p t i o n

May

30 Ba Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

12,000 DR

Advertising Expense

GJ

0

4000

8000

DR

8000 000

DR

  Feedback

Account: Account: Prepaid Advertising Account No. 141 Dat e

Des c r i p t i o n

May

30 Ba Balance

Ju n

30 B en ef i t s c o n s u m ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

12,000 DR GJ

4,000

8,000 DR 8,000 DR

(Q=870-142.Prepa (Q=870-142.PrepaidInsurance idInsurance__ adjEntry)

Account: Prepaid Insurance Account No. 142 Dat e

Des c r i p t i o n

May

30 Ba Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Insurance Expense

Ref .

Deb i t

Cr ed i t

B al an c e

4,300 DR GJ

0

860

3440

DR

3440 440

DR

  Feedback

Account: Account: Prepaid Insurance Account No. 142

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Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 In s u r an c e ex p i r ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

4,300 DR GJ

860

3,440 DR 3,440 DR

(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Depn: Cash Registers Account No. 151 Dat e

Des c r i p t i o n

May

30 Ba Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

1,375 CR

Accumulated Depre

GJ

0

115

1490

CR

1490 490

CR

  Feedback

Account: Account:  Accum Depn: Cash Registers Registers Account No. 151 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 Dep r ec i at i o n - o n e m on t h

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

1,375 CR GJ

115

1,490 CR 1,490 CR

(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Depn: Store Fixtures Fixtures Account No. 161 Dat e

Des c r i p t i o n

May

30 Ba Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Accumulated Depre

Ref .

Deb i t

Cr ed i t

B al an c e

16,800 CR GJ

0

267

17067

CR

1706 17067 7

CR

  Feedback

Account: Account:  Accum Depn: Store Fixtures Fixtures

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Account No. 161 Dat e

Des c r i p t i o n

May

30 Ba Balance

Ju n

30 Dep r ec i at i o n - o n e m on t h

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

16,800 CR GJ

267

17,067 CR 17,067 CR

(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable Account No. 220 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

B al an c e

30 Ba Balance

Jun

1,429 CR

4 Pa Paid staff wages

Jun

30

Staff Wages expens

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

CPJ

1,429

GJ

0

0 2340

2340

CR

2340 340

CR

  Feedback

Account: Account: Wages Payable Account No. 220 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr edi t

30 Balance

Jun

1,429 CR

4 Pa Paid staff wages

Ju n

30 A c c r u ed w ages ex p en s e

Ju n

30 A d j u s t ed B al an c e

B al anc e

CPJ

1,429

GJ

0 2,340

2,340 CR 2,340 CR

(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable Account No. 221 Dat e

May Jun

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Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

30 Balance 4 Paid electricity bill

Jun

30

Electricity Expense

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

B al an c e

985 CR CPJ GJ

923 0

62 CR 263

325

CR

325

CR

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  Feedback

Account: Account: Electricity Payable Account No. 221 Dat e

May

Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

B al an c e

30 Balance

Jun

985 CR

4 Paid electricity bill

Ju n

30 A c c r u ed el ec t r i c i t y ex p en se

Ju n

30 A d j u s t ed B al an c e

CPJ

923

62 CR

GJ

263

325 CR 325 CR

(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable Account No. 222 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

102 CR

Water Expense

GJ

0

107

209

CR

209

CR

  Feedback

Account: Account: Water Payable Account No. 222 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 A c c r u ed w at er ex p en s e

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

102 CR GJ

107

209 CR 209 CR

(Q=870-225.I (Q=870-225.I nterestPay nterestPayable able__ adjEntry)

Account: Interest Payable Account No. 225 Dat e

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Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Interest Expense

Ref .

Deb i t

Cr ed i t

B al an c e

205 CR GJ

0

205

410

CR

410

CR

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  Feedback

Account: Account: Interest Payable Account No. 225 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 A c c r u ed i n t er es t ex p en s e

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

205 CR GJ

205

410 CR 410 CR

(Q=870-403.I (Q=870-403.I nterestReve nterestRevenue_adjEntry) nue_adjEntry)

Account: Interest Revenue Account No. 403 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30 Interest received from the bank

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr e d i t

B al an c e

0 CRJ

420

420 CR

420 CR

  Feedback

Account: Account: Interest Revenue Account No. 403 Dat e

Des c r i pt i o n

May

30 Balance

Jun

30 Interest received from the bank

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0 CRJ

420

420 CR 420 CR

(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense Account No. 511 Dat e

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Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Prepaid Advertising

Ref .

Deb i t

Cr ed i t

B al an c e

0 GJ

4000

0

4000

DR

4000 000

DR

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Adjusting entries

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  Feedback

Account: Account:  Advertising Expense Expense Account No. 511 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 B en ef i t s c o n s u m ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

4,000

4,000 DR 4,000 DR

(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense Account No. 516 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30 Total from cash payments journal

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr C r ed i t

B al an c e

0 CPJ

Staff Wages

8,917

GJ

8,917 DR

2340

0

11257 DR

11257 DR

  Feedback

Account: Account: Wages Expense Account No. 516 Dat e

Des c r i p t i o n

Ref .

May

30 Balance

Jun

30 Total from cash payments journal

Ju n

30 A c c r u ed w ages ex p en s e

Ju n

30 A d j u s t ed B al an c e

Deb i t

Cr C r ed i t

B al an c e

0 CPJ

8,917

8,917 DR

GJ

2,340

11,257 DR 11,257 DR

(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense Account No. 540 Dat e

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Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

One month of Rent

Ref .

Deb i t

Cr ed i t

B al an c e

0 GJ

4750

0

4750

DR

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Ju n

30 A dj u s t ed B al an c e

4750

DR

  Feedback

Account: Account: Rent Expense Account No. 540 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 Re R en t Ex p i r ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

4,750

4,750 DR 4,750 DR

(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense Account No. 541 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0

Electricity used

GJ

263

0

263

DR DR

263

DR

  Feedback

Account: Account: Electricity Expense Account No. 541 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 A c c r u ed el ec t r i c i t y ex p en se

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0 GJ

263

263 DR 263 DR

(Q=870-542.WaterEx (Q=870-542.WaterExpense pense__ adjEntry)

Account: Water Expense Account No. 542 Dat e

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Des c r i p t i o n

May

30 Balance

Jun

30

Water used

Ref .

Deb i t

Cr ed i t

B al an c e

0 GJ

107

0

107

DR

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Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

107

DR

  Feedback

Account: Account: Water Expense Account No. 542 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 A c c r u ed w at er ex p en s e

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

107

107 DR 107 DR

(Q=870-543.InsuranceExpe (Q=870-543.Insuranc eExpense_adjEntry) nse_adjEntry)

Account: Insurance Expense Account No. 543 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0

One month of Insura

GJ

860

0

860

DR

860

DR

  Feedback

Account: Account: Insurance Expense Account No. 543 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 In s u r an c e ex p i r ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

860

860 DR 860 DR

(Q=870-544.SuppliesExpense_adjEntry)

Account: Office Supplies Expense Account No. 544 Dat e

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Des c r i p t i o n

Ref .

Deb i t

Cr ed i t

B al an c e

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http://www.perdisco.com/elms/qsam/html/qsam.aspx

May

30 Balance

0

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Office supplies used

GJ

146

0

146

DR

146

DR

  Feedback

Account: Account: Office Supplies Expense Account No. 544 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 Su Su p pl i es u s ed

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

146

146 DR 146 DR

(Q=870-560.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash Registers Account No. 560 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0

Depreciation of Cash

GJ

115

0

115

DR

115

DR

  Feedback

Account: Account: Depn Expense: Cash Registers Account No. 560 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 Dep r ec i at i o n - o n e m on t h

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

115

115 DR 115 DR

(Q=870-561.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store Fixtures Account No. 561

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Adjusting entries

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0

Depreciation of Stor

GJ

267

0

267

DR

267

DR

  Feedback

Account: Account: Depn Expense: Store Fixtures Account No. 561 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 Dep r ec i at i o n - o n e m on t h

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

267

267 DR 267 DR

(Q=870-571.I (Q=870-571.I nterestExpe nterestExpense_adjEntry) nse_adjEntry)

Account: Interest Expense Account No. 571 Dat e

Des c r i p t i o n

May

30 Balance

Jun

30

Jun

30

Jun

30

Ju n

30 A dj u s t ed B al an c e

Ref .

Deb i t

Cr ed i t

B al an c e

0

Interest paid to bank

GJ

205

0

205

DR

205

DR

  Feedback

Account: Account: Interest Expense Account No. 571 Dat e

Des c r i p t i o n

May

30 Balance

Ju n

30 A c c r u ed i n t er es t ex p en s e

Ju n

30 A d j u s t ed B al an c e

Ref .

Deb i t

Cr edi t

B al anc e

0 GJ

205

205 DR 205 DR

Manual Accounting Practice Set 

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