ACCT1501 Perdisco Adjusting Entries
Short Description
Perdisco assignment answers...
Description
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
http://www.perdisco.com/elms/qsam/html/qsam.aspx
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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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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Adjusting entries
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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
3 f 16
30 Dep n Ex p en s e: Cas h Reg i s t er s
560
115
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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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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Adjusting entries
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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
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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
15 f 16
23/01/2012 3 10 AM
Adjusting entries
http://www.perdisco.com/elms/qsam/html/qsam.aspx
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