Acc_1A_Hints_Adj_Entries_8e

Acc_1A_Hints_Adj_Entries_8e - Mission College Accounting 1A...

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Mission College Accounting 1A Betty Christopher Hints for doing Adjusting Entries P3-31A, Accounting, 8e, Horngren Are you having trouble knowing how to start an adjusting entry? Are you getting one account correct, but the other account incorrect? 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 P3-31A(a), “ Unearned service revenue still unearned, $1,300.” (So, one account is Unearned service revenue .) 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)
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Acc_1A_Hints_Adj_Entries_8e - Mission College Accounting 1A...

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