Chapter 4

place the steps in adjustment process in order drag iteams to put them in the proper order with the first step on top

1 anaylze the accounts to determine the amount of the adjustment 2record the adjusting entry in the journal 3summarize the adjusting entries in the accounts

bristol paid 800 for 4 month insurance policy on august 1 of the current year on august 31 bristol ic made an adjusting entry to the account for insurance that expired during the month of august. the adjusting entry contained a debit to insurance expense in the amount of 200 and credit to the prepaid insurance in the amount of 200. the remaining balance in the prepaid insurance account after the adjusted was 600.

200

what is the affect of december 31 adjusting entry to record 400 of revenues earned from sales to customers but not yet collected

accounts receivable should be increased by 400 and sales revenues should be increased by 400.

the adjusting entry for supplies used during the period requires a credit or debit> to supplies and a (debit or credit) to supplies expense

credit, debit

the adjusting entry to record on equipment includes select all that apply

debit to depreciation expense credit to accumulated depreciation

in an accrual adjustment for expenses incurred but not yet paid a liability is

increase because cash will be paid in the future due to the expense incurred

which of the following transactions consitute an accrual adjustment involving an expense account( check all apply)

taxes incurred but not yet paid the government as of the end of accounting period wages incurred but not yet paid to employees as of the end of the accounting period

what is the the starting point for determining which accounts require adjustment

unadjusted trial balance