Question
In: Accounting
Give an example of an adjusting journal entry for each of the following transactions- Equal growth...
Give an example of an adjusting journal entry for each of the following transactions-
Equal growth of an expense and a liability.
Earning of revenue that was previously recorded as unearned
revenue.
Equal growth of an asset and revenue.
Increase in an expense and decrease in an asset.
Solutions
Expert Solution
- Equal growth of an expense and a liability.
|
Accounts title |
Debit |
Credit |
|
Interest Expense |
$10,000.00 |
|
|
Interest Payable |
$10,000.00 |
|
|
(to record interest accrued but not paid) |
- Earning of revenue that was previously recorded as unearned revenue.
|
Accounts title |
Debit |
Credit |
|
Unearned Revenue |
$10,000.00 |
|
|
Service Revenue |
$10,000.00 |
|
|
(to record revenue earned that was previously recorded as 'unearned') |
- Equal growth of an asset and revenue.
|
Accounts title |
Debit |
Credit |
|
Interest receivables |
$10,000.00 |
|
|
Interest revenue |
$10,000.00 |
|
|
(to record revenue earned but not received) |
- Increase in an expense and decrease in an asset.
|
Accounts title |
Debit |
Credit |
|
Insurance Expense |
$10,000.00 |
|
|
Prepaid Insurance |
$10,000.00 |
|
|
(to record insurance of expired period) |
ekkarill92 answered 1 year agoRelated Solutions
Give an example of an adjusting journal entry for each of the following transactions. Provide three...
Give an example of an adjusting journal entry for each of the
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Equal growth of an expense and a liability:
Earning of revenue that was previously recorded as unearned
revenue:
Equal growth of an asset and revenue:
Increase in an expense and decrease in an asset:
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