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    Adjusting Entries Summary

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    Kaye Villaflor
    There are 3 types of adjusting entries: 1) Accrued income and expenses which include accrued expenses like rent payable and accrued income like accounts receivable. 2) Prepaid expenses and income which use different methods like asset method and liability method. 3) Other necessary adjustments such as depreciation and bad debts. When making adjusting entries, always check the original journal entry, write the adjusting journal entry, and analyze the transactions.

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    Adjusting Entries Summary

    Uploaded by

    Kaye Villaflor
    3 views2 pages
    There are 3 types of adjusting entries: 1) Accrued income and expenses which include accrued expenses like rent payable and accrued income like accounts receivable. 2) Prepaid expenses and income which use different methods like asset method and liability method. 3) Other necessary adjustments such as depreciation and bad debts. When making adjusting entries, always check the original journal entry, write the adjusting journal entry, and analyze the transactions.

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    There are 3 types of adjusting entries: 1) Accrued income and expenses which include accrued expenses like rent payable and accrued income like accounts receivable. 2) Prepaid expenses and income which use different methods like asset method and liability method. 3) Other necessary adjustments such as depreciation and bad debts. When making adjusting entries, always check the original journal entry, write the adjusting journal entry, and analyze the transactions.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    3 views2 pages

    Adjusting Entries Summary

    Uploaded by

    Kaye Villaflor
    There are 3 types of adjusting entries: 1) Accrued income and expenses which include accrued expenses like rent payable and accrued income like accounts receivable. 2) Prepaid expenses and income which use different methods like asset method and liability method. 3) Other necessary adjustments such as depreciation and bad debts. When making adjusting entries, always check the original journal entry, write the adjusting journal entry, and analyze the transactions.

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    of 2

    TO SUM UP:

    ADJUSTING ENTRIES:
    3 TYPES OF ADJUSTING ENTRIES:
    1. ACCRUED INCOME & EXPENSE
    a. Accrued Expenses
    4 Rent Payable & Expense
    4 Salaries Expense & Payable
    4 Interest Payables & Expense
    b. Accrued Income
     Accounts Receivable / Revenue
     Interest Receivable / Revenue
     Rent receivable / Revenue
    2. PREPAID INCOME AND EXPENSE
    a. Prepaid Expense: rent, supplies, insurance
     Asset Method
     Expense Method
    b. Prepaid Income:
     Liability Method
    3. OTHER NECESSARY ADJUSTMENTS
    a. Depreciation
    b. Bad Debts (Uncollectible Accounts)
    DON’T FORGET:
    4 Always check your ORIGINAL JOURNAL ENTRY (OJE);
    4 Write your ADJUSTING JOURNAL ENTRY (AJE)
    4 ANALYZE THE TRANSACTIONS 

    ACTIVITY:
    In a 1 whole sheet of pad paper, answer Problem # 7 (page 5-57)
    Assignment: (On your journal book)
    Answer: Problem # 10 (Page 5-60)
    To be passed on Tuesday CLOSED NOTES ON ACTIVITY

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