Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.
    • CommentAuthorjamieloo9
    • CommentTimeSep 28th 2009
     
    okay so im trying to adjusting entries and im caught up. my example that i have uses expenses and stuff . well the problem says : advertising supplies on hand at Oct. 31 total $500 . it doesn't say anything about expenses ... the rest of the problem is 2. exxpired ins. for the month is $100 . 3. Depreciation for the month is $50 . 4. Unearned revenue earned in Oct. totals $600 . 5. Services provided but not recorded at Oct. 31 are $300. 6. Interest accrued at Oct. 31 is $70 and 7. Accrued salaries at Oct.31 are $1,500. im so confused and need help .
    • CommentAuthorhweeleng88
    • CommentTimeSep 30th 2009
     
    1. advertising supplies is an expenses account. therefore you can record advertising supplies - $500 in ur p&l account.
    2. i don't know what is expired ins.
    3. depreciation for the month 50bucks is an expenses account too. therefore you record in p&l as well. then remember to add the amount into ur accumulated depreciation in your balancesheet.
    4. unearned revenue is work done and not earned. therefore you must use the revenue balance - unearned revenue = new revenue balance. the unearned amount of 600 should appear in your balance sheet, current liabilities.
    5. service provided but not recorded are $300; it means you earned a revenue of $300. dr cash, cr revenue.
    6. interest accrued [occured not yet paid] interest payable $70
    7. accrued salaries [consumed not yet paid] $1500 means salaries is not yet paid. you got to create a salaries account or add $1500 back to salaries.

    this are what i know, i hope it helps. (:
  1.  
    its a very good and useful discussion over adjusting entries!
    Keep it up!



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,440 Visitor Testimonials



What's on AccountingCoach.com?