ACCT+203+C4+Excel+Assignment

ACCT+203+C4+Excel+Assignment - `HANDOUT 4-1 ADJUSTING...

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Unformatted text preview: `HANDOUT 4-1 ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS Prepare the required adjusting journal entry for each situation as of December 31, 2010. See the last page for the unadjusted account balances shown in T-accounts. (a) Suppose Deanas had received a $1,800 shipment of supplies in September 2010. When counting the supplies on December 31, 2010, Deanas found only $800 worth of supplies on hand. Debit and credit the accounts affected. Dec. 31 Dr Supplies Expense (+E, -SE) 1000 2010 Cr Supplies (-A) 1000 Ensure the equation still balances and debits = credits. Assets = Liabilities + Stockholders Equity 1000 1000 4-1 Chapter 04 - Adjustments, Financial Statements, and Financial Results (b) Suppose Deanas had paid $12,000 for six months rent on November 1, 2010. As of December, 31, 2010, two months (November & December) prepaid rent has expired. Debit and credit the accounts affected. Dec. 31 Dr Rent Expense (+E, -SE) 4000 2010 Cr Prepaid Rent (-A) 4000 Ensure the equation still balances and debits = credits. Assets = Liabilities + Stockholders Equity 4000 4000 (c) Suppose Deanas had paid $6,000 for one years insurance on June 1, 2010. Debit and credit the accounts affected. 4-2 Dec. 31 Dr Insurance Expense (+E, +SE) 3500 2010 Cr Prepaid Insurance (- A) 3500 Ensure the equation still balances and debits = credits....
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This note was uploaded on 12/13/2010 for the course ACCT 121 taught by Professor Williams during the Fall '10 term at Marist.

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ACCT+203+C4+Excel+Assignment - `HANDOUT 4-1 ADJUSTING...

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