College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jasmine Kah’s Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.
JOURNALIZING ADJUSTING ENTRIES From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.
Complete the adjusted columns by indicating the letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet.
Adjusting entries:
Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.
Complete the adjusted columns by indicating the letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet.
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