Chapter 8 Completing the Accounting Cycle

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Chapter 8Completing the Accounting Cycle

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Adjusting Entries and the WorksheetThis
tutorial guides you through creating a worksheet
and using it to record adjusting entries.For
more detailed instructions, refer to Section 8.2
of the Accounting 1 textbook.
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Adjusting Entries and the Worksheet Start with
a blank worksheet.
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Adjusting Entries and the Worksheet Record the
header in the familiar who, what, when format ?
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Adjusting Entries and the Worksheet List all
accounts in order (?), just as you would on a
trial balance.
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Adjusting Entries and the Worksheet Enter the ?
and ? balances of each ledger account, and ? and
? the trial balance.
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Adjusting Entries and the Worksheet Some
amounts on the trial balance are out of date.
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Adjusting Entries and the Worksheet The
Supplies account has a balance of 1480.90.
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Adjusting Entries and the Worksheet The
Supplies account should have a balance of
526.00, based on supplies that were used up
during the year.
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Adjusting Entries and the Worksheet The
required adjustment is ?
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Adjusting Entries and the Worksheet The amount
of supplies used up is an ? (an income statement
account).
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Adjusting Entries and the Worksheet The amount
of supplies used up is the ? (an income statement
account).
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Adjusting Entries and the Worksheet The
Worksheet must incorporate these differences.
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Adjusting Entries and the Worksheet The
Worksheet must incorporate these differences.
This is the first adjustment, so it is labelled
as 1.
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Adjusting Entries and the Worksheet There are
other adjustments required before the trial
balance is up to date.
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Adjusting Entries and the Worksheet The Prepaid
Insurance account has a balance of 6564.00.
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Adjusting Entries and the Worksheet The Prepaid
Insurance account should have a balance of
4070.00, based on insurance that was used up
during the year.
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Adjusting Entries and the Worksheet The
required adjustment is ?
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Adjusting Entries and the Worksheet The amount
of insurance used up is an ? (an income statement
account).
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Adjusting Entries and the Worksheet The amount
of insurance used up is the ? (an income
statement account).
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Adjusting Entries and the Worksheet The
Worksheet must incorporate these differences.
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Adjusting Entries and the Worksheet The
Worksheet must incorporate these differences.
This is the second adjustment, so it is labelled
as 2.
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Adjusting Entries and the Worksheet Late
arriving invoices need to be included.
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Adjusting Entries and the Worksheet Late
arriving invoices need to be included. The total
of the late invoices is a credit to ? (new
amounts owed).
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Late Arriving
Invoices.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Late Arriving
Invoices.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Late Arriving
Invoices.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Late Arriving
Invoices.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Late Arriving
Invoices.
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Adjusting Entries and the Worksheet Unearned
revenue needs to be included.
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Adjusting Entries and the Worksheet Unearned
revenue needs to be included. Unearned revenue is
a credit to the Unearned Revenue account.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Unearned
Revenue.
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Adjusting Entries and the Worksheet The
Worksheet showing adjustments for Unearned
Revenue.
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Adjusting Entries and the Worksheet Once all
adjustments have been made, ?
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Adjusting Entries and the Worksheet Next,
transfer ? column. Be sure to account for any
adjustments.
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Adjusting Entries and the Worksheet Transfer
all Income ? Be sure to account for any
adjustments.
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Adjusting Entries and the Worksheet ? the
Income Statement and Balance Sheet columns.
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Adjusting Entries and the Worksheet Calculate
the Net Income (?). Net Income goes in the outer
of the last four columns.
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Adjusting Entries and the Worksheet Rule and
total the last four columns of the Worksheet.
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Adjusting Entries and the Worksheet In the case
of a Net Loss, the net loss amounts would go in
the inner of the last four columns.If a company
has a net loss, it means expenses are greater
than revenues. The net loss amounts need to go in
the inner of the last four columns, or the
Worksheet will not balance.