Adjusting Journal Entries 1u3k5g

Adjusting Journal Entries Prepaid Expenses: Transaction Description

Journal Entry Title

Debit

Supplies: Beginning supplies plus any purchases minus supplies on hand

Supplies Expense Supplies

XXX

Insurance: Original cost divided by number of months paid for

Insurance Expense Prepaid Insurance

XXX

Credit

XXX

XXX

Depreciation Expense XXX Depreciation: Based on type of depreciation method used Accumulated Depreciation-Asset title XXX You pay for in advance of usage these assets. Each is divided by the period in which the asset will be used up.

Unearned Revenues: Transaction Description

Journal Entry Title

Debit

Credit

XXX Advance payments: ing for any Unearned Service Revenue amount earned during the fiscal period Service Revenue XXX Other types of revenue s could be titled: Unearned Sales Revenue, Unearned Subscription Revenue, and Unearned Ticket Revenues. The number of products or services sold only limits the possibilities for titles.

Accrued Revenues: Transaction Description

Journal Entry Title

Revenues earned but not yet billed at the s Receivable end of the fiscal period Service Revenue

Debit

Credit

XXX XXX

Accrued Expenses:

Accrued Interest: Expense incurred but not yet due to be paid

Journal Entry Title Interest Expense Interest Payable

Accrued Salaries: Salaries earned but not due to be paid until next payday occurs

Salaries Expense Salaries Payable

Transaction Description

MJC Revised 10-2011

Debit XXX

Credit XXX

XXX XXX

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