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    Adjusting Entries

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    Tristan John Magrare
    The document shows a journal entry adjusting various accounts on a company's balance sheet and income statement. Cash, accounts receivable, inventory, prepaid rent, supplies expense and depreciation expense accounts were adjusted upwards. Accounts payable, rent expense, and retained earnings were adjusted downwards. The adjustments resulted in no change to the total assets and liabilities, indicating the adjustments were made to correct account balances.

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    © All Rights Reserved
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    Adjusting Entries

    Uploaded by

    Tristan John Magrare
    49 views18 pages
    The document shows a journal entry adjusting various accounts on a company's balance sheet and income statement. Cash, accounts receivable, inventory, prepaid rent, supplies expense and depreciation expense accounts were adjusted upwards. Accounts payable, rent expense, and retained earnings were adjusted downwards. The adjustments resulted in no change to the total assets and liabilities, indicating the adjustments were made to correct account balances.

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    ADJUSTING ENTRIES

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    The document shows a journal entry adjusting various accounts on a company's balance sheet and income statement. Cash, accounts receivable, inventory, prepaid rent, supplies expense and depreciation expense accounts were adjusted upwards. Accounts payable, rent expense, and retained earnings were adjusted downwards. The adjustments resulted in no change to the total assets and liabilities, indicating the adjustments were made to correct account balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    49 views18 pages

    Adjusting Entries

    Uploaded by

    Tristan John Magrare
    The document shows a journal entry adjusting various accounts on a company's balance sheet and income statement. Cash, accounts receivable, inventory, prepaid rent, supplies expense and depreciation expense accounts were adjusted upwards. Accounts payable, rent expense, and retained earnings were adjusted downwards. The adjustments resulted in no change to the total assets and liabilities, indicating the adjustments were made to correct account balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 18

    AJE

    CASH 179,670.12 179,670.12


    AR 37,000.00 4 2,500.00 39,500.00
    ALLOWANCE FOR BAD DEBTS - 8 370.00
    TOOLS 12,368.50 12,368.50
    SUPPLIES - 1 367.80 367.80
    PREPAYMENTS - 2 2,250.00 2,250.00
    FF 15,530.00 15,530.00
    ACCDEP-FF 7 1,553.00
    OFFICE EQT 24,000.00 24,000.00
    ACCDEP-OE 7 1,200.00
    REP EQT 57,000.00 57,000.00
    ACCDEP-RE 7 2,350.00
    NOTE PAYABLE 3,000.00
    ACCRUED INTEREST PAYABLE - 5 20.00
    ACCTS PAYABLE 49,367.80 3 995.12
    LOAN PAYABLE 80,000.00
    UNEARNED INCOME - 6 5,000.00
    CAPITAL 152,368.50
    DRAWING 5,000.00 5,000.00
    REPAIR INCOME 120,370.25
    RENTAL INCOME 2,500.00 6 5,000.00
    SALARIES EXPENSE 50,328.00 50,328.00
    RENT EXPENSE 3,800.00 4 2,500.00 1,300.00
    SUPPLIES EXPENSE 2,367.80 1 367.80 2,000.00
    LIGHT AND WATER EXPENSE 9,634.88 3 995.12 8,639.76
    GAS AND OIL 3,000.00 3,000.00
    COMMUNICATION 2,156.75 2,156.75
    TAXES AND LICENSES 1,250.50 1,250.50
    DEPRECIATION EXP - 7 5,103.00 5,103.00
    BAD DEBTS EXPENSE - 8 370.00 370.00
    INTEREST EXPENSE - 5 20.00 20.00
    ADVERTISING 4,500.00 2 2,250.00 2,250.00
    407,606.55 407,606.55 16,605.92 16,605.92 412,104.43
    - -
    370.00

    1,553.00

    1,200.00

    2,350.00
    3,000.00
    20.00
    48,372.68
    80,000.00
    5,000.00
    152,368.50

    120,370.25
    (2,500.00)

    412,104.43
    -
    AJE
    CASH 200
    AR 250 40
    ADA
    INV 150 80
    LAND 300
    BLDG 1000
    ACCDEP-B -200
    EQT 400
    ACCDEP-EQ -40
    PI 0 12
    AP -100
    SC -1500
    RE -345 5
    SALES -2000
    PURCH 1200 30
    OFFEXP 255
    RENT 240 5
    INSURANC 50
    SUPPLIES 140
    BDE 0 15
    DEPN EXP 90
    277

    INCOME STATEMENT
    SALES
    BEG INV
    PURCH
    END INV
    COGS
    GP
    OPEX
    OFFEXP 255
    RENT 245
    INSURANCE 45
    SUPPLIES 140
    BDE 15
    DEPN EXP 90

    NIBT

    MI END 230
    RE 230

    RE 150
    MI BEG 150

    rp 5
    rp 5
    AJE
    200
    290
    15 -15
    230
    300
    1000
    50 -250
    400
    40 -80
    12
    40 -140
    -1500
    87 -427
    40 -2040
    1230
    255
    245
    5 45
    140
    15
    90
    277

    BALANCE SHEET
    2040 CASH 200
    150 AR,NET 275
    1230 INV 230
    -230 LAND 300
    1150 BLDG,NET 750
    890 EQT,NET 320
    PI 12
    2087

    AP 140
    SC 1500
    RE 447
    790 2087

    100
    IN THOUSANDS

    CASH 200.00
    AR 250.00
    ADA -
    INV 150.00
    LAND 300.00
    BLDG 1,000.00
    ACCDEP-BLDG (200.00)
    EQT 400.00
    ACCDEP-EQT (40.00)
    PI -
    AP (100.00)
    ACC RENT -
    SC (1,500.00)
    RE (345.00)
    SALES (2,000.00)
    PURCH 1,200.00
    OFFEXP 255.00
    RENT 240.00
    INSURANCE 50.00
    SUPPLIES 140.00
    BDE -
    DEPN EXP -

    INVENTORY END
    RE

    RE
    INVENTORY BEG
    AJE

    200.00
    2 40 290.00
    3 15 (15.00)
    1,aje 150.00
    300.00
    1,000.00
    4 50 (250.00)
    400.00
    4 40 (80.00)
    8,9 12 12.00
    5 30 (130.00)
    6,7 10 (10.00)
    (1,500.00)
    1,6,8, 5 7 (347.00) INCOME STATEMENT
    2 40 (2,040.00) SALES
    5 30 1,230.00 BEG INV 150.00
    255.00 PURCH 1,230.00
    7 5 245.00 END INV (230.00)
    8 5 45.00 COGS
    140.00 GP
    3 15 15.00 OPEX
    4 90 90.00 OFFEXP 255.00
    197.00 197.00 - RENT 245.00
    INSURANCE 45.00
    SUPPLIES 140.00
    BDE 15.00
    DEPN EXP 90.00

    NIBT

    SALES 2,040.00
    MI END 230
    MI BEG 150
    EXPENSES 2,020.00
    RE 100.00
    BALANCE SHEET
    2,040.00 CASH 200.00
    AR,NET 275.00
    INV 230.00
    LAND 300.00
    1,150.00 BLDG,NET 750.00
    890.00 EQT,NET 320.00
    PI 12.00
    2,087.00

    AP 130.00
    ACC RENT 10.00
    SC 1,500.00
    RE 447.00
    790.00 2,087.00
    100.00

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