Acc_1A_Hints_Adj_Ent_App_8e - Mission College Accounting 1A...

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Mission College Accounting 1A Betty Christopher Hints for doing Adjusting Entries, Chapter 3 Appendix E3A-1 req. 2, Accounting, 8e, Horngren Are you having trouble with the Appendix to the Adjusting Entries chapter? Try following these steps when doing adjusting entries: Step #1: Identify one account in the adjusting entry. This usually will be stated in the problem, for example, from E3A-1 requirement 2, “At the end of the year, Dubuque has $500 of supplies on hand.” (So, one account is Supplies .) Step #2: Identify the other account in the adjusting entry using the following chart: Accounts that go together in the same adjusting entry Expense (for example insurance expense or supplies expense) Prepaid (for example prepaid insurance) or Supplies Unearned revenue Revenue Depreciation expense Accumulated depreciation Expense (for example salary expense) Payable (for example salary payable) Receivable (for example accounts receivable) Revenue (for example service revenue) So, Supplies goes with Supplies Expense. Now you have the two accounts in your entry.
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