CENTURY 21 ACCOUNTING © Thomson/South-Western

LESSON 16-1LESSON 16-1

Recording Adjusting Entries

2

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRIES RECORDED ADJUSTING ENTRIES RECORDED FROM A WORK SHEETFROM A WORK SHEET

33

page 481

22 11 44 5566 77

1. Heading

2. Date

3. Identify the first adjustment

4. Account debited

5. Debit

6. Account credited

7. Credit

8. Continue down the Adjustments columns

3

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ALLOWANCE ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTSFOR UNCOLLECTIBLE ACCOUNTS page 482

4

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ADJUSTING ENTRY FOR MERCHANDISE INVENTORYMERCHANDISE INVENTORY page 482

5

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIESADJUSTING ENTRY FOR SUPPLIES——OFFICEOFFICE page 483

6

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIESADJUSTING ENTRY FOR SUPPLIES——STORESTORE page 483

7

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ADJUSTING ENTRY FOR PREPAID INSURANCEPREPAID INSURANCE page 484

8

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATIONADJUSTING ENTRY FOR DEPRECIATION——OFFICE EQUIPMENTOFFICE EQUIPMENT page 484

9

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATIONADJUSTING ENTRY FOR DEPRECIATION——STORE EQUIPMENTSTORE EQUIPMENT page 485

10

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR FEDERAL ADJUSTING ENTRY FOR FEDERAL INCOME TAXESINCOME TAXES page 485

11

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

Work Together 16-1

12

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ALLOWANCE ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTSFOR UNCOLLECTIBLE ACCOUNTS page 482

1500.001500.00

13

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ADJUSTING ENTRY FOR MERCHANDISE INVENTORYMERCHANDISE INVENTORY page 482

1848.251848.25

Merchandise Inventory

Income Summary

14

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIESADJUSTING ENTRY FOR SUPPLIES——OFFICEOFFICE page 483

1448.55

1448.55

15

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIESADJUSTING ENTRY FOR SUPPLIES——STORESTORE page 483

3248.113248.11

16

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR ADJUSTING ENTRY FOR PREPAID INSURANCEPREPAID INSURANCE page 484

11000.00

11000.00

17

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATIONADJUSTING ENTRY FOR DEPRECIATION——OFFICE EQUIPMENTOFFICE EQUIPMENT page 484

3410.00

3410.00

18

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATIONADJUSTING ENTRY FOR DEPRECIATION——STORE EQUIPMENTSTORE EQUIPMENT page 485

6420.00

6420.00

19

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1

ADJUSTING ENTRY FOR FEDERAL ADJUSTING ENTRY FOR FEDERAL INCOME TAXESINCOME TAXES page 485

3948.91

3948.91