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Adjusting%20and%20Closing%20Entries%20Topic%20Slides

Adjusting%20and%20Closing%20Entries%20Topic%20Slides -...

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2009-09-14 1 ADJUSTING & CLOSING ENTRIES 2009-09-14 2 The Accounting Cycle Adjusting and Closing Entries Topic Slides Transactions Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Closing Entries Financial Statements
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2009-09-14 2 Adjusting Entries Purpose: square4 To update the records Ensure that revenues are recorded in the period earned Ensure that expenses are recorded in the period incurred Prepared at the end of the period square4 It would be too time consuming to record adjustments every day Adjusting and Closing Entries Topic Slides 2009-09-14 Adjusting Entries Summary Type of Adjustment Example(s) Entry During the Period Adjusting Entry Deferred Revenue Unearned revenue DR Cash CR Unearned Revenue DR Unearned Revenue CR Revenue Deferred Expense Amortization Prepaid expenses: Insurance Rent Supplies DR Asset CR Cash or A/P DR Expense CR Asset Accrued Revenue Interest Receivable No entry DR Asset CR Revenue Accrued Expense Interest Payable Wages Payable Taxes Payable
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