Answered Essay: Content Johnson Accounting Firm's Training Program ocess #6: Adjusting Entries Process #6: Adjusting Entries Journalize Adjusting Entries 1.

Content Johnson Accounting Firms Training Program ocess #6: Adjusting Entries Process #6: Adjusting Entries Journalize Adjusting Entries 1. Adjusting entries are discussed in detail in Chapter Three and in the Chapter Three Lecture. The purpose of adjusting entries is to make sure that the company has recorded all EARNED revenues and all INCURRED expenses. Remember, EARNED and INCURRED are independent concepts from cash received and cash paid. 2. Adjusting entries must follow standard accounting format (i.e. Debit entered first, Credit entered second; Credit indented). You may omit explanations after each journal entry. 3. Adjusting entries must be typed into the ledger paper provided. You may use the form journal entry paper that is provided in Process #3 forms. 4. Using the transactions from Process #3 in conjunction with theinformation attached here, prepare adjusting entries for the period ending September 30. Remember, adjusting entries were last prepared on June 30.
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Content Johnson Accounting Firm’s Training Program ocess #6: Adjusting Entries Process #6: Adjusting Entries Journalize Adjusting Entries 1. Adjusting entries are discussed in detail in Chapter Three and in the Chapter Three Lecture. The purpose of adjusting entries is to make sure that the company has recorded all EARNED revenues and all INCURRED expenses. Remember, EARNED and INCURRED are independent concepts from cash received and cash paid. 2. Adjusting entries must follow standard accounting format (i.e. Debit entered first, Credit entered second; Credit indented). You may omit explanations after each journal entry. 3. Adjusting entries must be typed into the ledger paper provided. You may use the form journal entry paper that is provided in Process #3 forms. 4. Using the transactions from Process #3 in conjunction with theinformation attached here, prepare adjusting entries for the period ending September 30. Remember, adjusting entries were last prepared on June 30.

Expert Answer

 

Date Account Debit credit
30 september
a salary expense 2050
Salary payable 2050
[Being salary accrued but not paid]
b supplies expense 1670
supplies 1670
[Being supplies used]
d Depreciation expense -equipment 1200
Accumulated depreciation 1200
[Being depreciation recorded]
e Accounts receivable 7000
Designing and consulting revenue 7000
[Being revenue earned but not billed]
f Utilities expense 150
Accounts payable 150
[Expense incurred but not paid]
g Advertising expense 1500
Prepaid advertising 1500
[Being advertisingg expense accrued for 3 months :july-sep [6000*3/12]

**h ) please provide details related to note payable to make adjusting entry (Amount and interest rate)

c)Details for unearned revenue at beginning plus futrther received is missing .please provide the same

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