ACCOUNTING 2000 notes

ACCOUNTING 2000 notes - 180 Insurance expense 240 Prepaid...

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ACCOUNTING 2000 9/21 Type of adjustment: 1. Prepaid-assets overstated, expenses overstated (DR-Expenses, CR-Assets) 2. Unearned- liability overstated, revenues understated (DR-Liabilities, CR- Revenue) 3. Account Revenue- assets understated, revenue understated (DR-asset, CR- revenue) 4. Account Expense- expense understated, liability understated (DR-Expense, CR- liability) P. 209 problem in the book Supplies expense 2,000 Supplies 1,280 Utilities expense 180 Utilities payable
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Unformatted text preview: 180 Insurance expense 240 Prepaid insurance 240 Unearned service revenue 4100 Service Revenue 4100 Salary and wage expense 1250 Salary wage payable 1250 Depreciation expense 250 Accumulated depreciation-equipment 250 Account receivable 3900 Service revenue 3900 CLICKER: Which of the following will never be changed by adjusting entries? CASH Adjusted trial balance- purpose is to prove the e quality of debit balances and credit balances in the ledger...
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