Adjusting Entries Chapter 9 1 Some amounts on

Adjusting Entries Chapter 9. 1 • Some amounts on the trial balance are out of date

Adjusting Entries Chapter 9. 1 • The Supplies balance shows the total supplies purchased in the year • Adjusting Entries

Adjusting Entries Chapter 9. 1 • What the balance is

Adjusting Entries Chapter 9. 1 • What the balance should be • What the balance “should be” is determined from someone counting the supplies that remain in the business at the end of the year

Adjusting Entries Chapter 9. 1 • The required adjustment

Adjusting Entries Chapter 9. 1 • What the balance is • The income statement account related to Supplies is shown above • The accounting clerk has not used this account during the year

Adjusting Entries Chapter 9. 1 • What the balance should be • What the balance “should be” is the amount of supplies “used up” during the year

Adjusting Entries Chapter 9. 1 • The required adjustment

Adjusting Entries • The adjusting entry as it would appear in the general journal Chapter 9. 1

Adjusting Entries Chapter 9. 1 • The Prepaid Insurance balance shows the total cost of insurance bought in the year • Adjusting Entries

Adjusting Entries Chapter 9. 1 • What the balance is

Adjusting Entries Chapter 9. 1 • What the balance should be • What the balance “should be” is determined from someone calculating the portion of the insurance policy that is “unexpired”

Adjusting Entries Chapter 9. 1 • The required adjustment

Adjusting Entries Chapter 9. 1 • What the balance is • The income statement account related to Prepaid Insurance is shown above • The accounting clerk has not used this account during the year

Adjusting Entries Chapter 9. 1 • What the balance should be • What the balance “should be” is the amount of the insurance policy that has expired at year’s end

Adjusting Entries Chapter 9. 1 • The required adjustment

Adjusting Entries Chapter 9. 1 • The adjusting entry for insurance as it would appear in the general journal

Adjusting Entries • Adjusting Entries Chapter 9. 1 • The Accounts Payable balance does not include two invoices that arrived late

Adjusting Entries • Little analysis is needed for this adjustment Chapter 9. 1

Adjusting Entries • Simply enter the late invoices Chapter 9. 1

Adjusting Entries • Simply enter the late invoices Chapter 9. 1

Adjusting Entries Chapter 9. 1 • And calculate the adjusted balance

Adjusting Entries Chapter 9. 1

Adjusting Entries Chapter 9. 1

Adjusting Entries Chapter 9. 1

Adjusting Entries Chapter 9. 1 • The adjusting entry for late invoices as it would appear in the general journal

Adjusting Entries—Summary Chapter 9. 1 • The adjusting entries have brought balance sheet accounts up to date Balance Sheet

Adjusting Entries—Summary Chapter 9. 1 • And have recorded expenses in related accounts on the income statement Balance Sheet Income Statement