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Accounting

Adjusting Entries

Data for original entries and date for adjusting entries.


June 30, 2006 Love Thy Pet Inc,. p id !"#,200 c sh to the rent $ co%p ny &or the ne't "2 %onths rent. (ece%)er 3", 2006 Adjusted the %ount o& rent used during the period )et*een June 30 nd (ece%)er 3". June 2+, 2006 ,eceived !-,000 c sh &or t*o )u$$dogs to )e de$ivered *ithin the ne't ye r )y )reeder. (ece%)er 3", 2006 ,ecord revenues e rned during the p st si' %onths. .ne o& the )u$$ doges * s de$ivered )y the )reeder June 6, 2006 Love Thy Pet Inc,. purch sed o&&ice e/uip%ent &or !"-,000 c sh *ith n esti% ted use&u$$y $i&e o& - ye rs. The residu $ v $ue o& the e/uip%ent is e'pected to )e !3,000. (ece%)er 3", 2006 ,ecord depreci tion &or o&&ice e/uip%ent. Ti%e period is June 6, 2006 to (ece%)er 3", 2006. Love Thy Pet uses the str ight0$ine %ethod o& depreci tion. June ", 2006 The 1 t&ie$d 2o%p ny )orro*ed !"0,000 &or Love Thy Pet Inc,. The note is &or " ye r nd h s n interest r te o& 63. (ece%)er 3", 2006 ,ecord the ccrued interest &or the 1 t&ie$d 2o%p ny4s 5otes receiv )$e. The ti%e period is &ro% June ", 2006 to (ece%)er 3", 2006. 6se the si%p$e interest %ethod. (ece%)er 3", 2006 T*o e%p$oyees re p id in tot $ !+00 e ch )i0*ee7 to )e p id even$y over - d y *or7 *ee7. 8h t *ou$d )e the ccrued e'pense &or e%p$oyees9

Types o& Adjust%ents


Prep y%ents: Prep id E'penses 6ne rned ,evenues (epreci tion Accru $s: Accrued ,evenues Accrued E'penses

Prep y%ents
Types o& Adjust%ents: Prep id E'penses 6ne rned ,evenues (epreci tion

Prep id E'pense .rigin $ Journ $ Entry

June 30, 2006 Love Thy Pet Inc,. p id !"#,200 c sh to the rent $ co%p ny &or the ne't "2 %onths rent.

Prep id E'penses .rigin $ Ledger Entries

June 30, 2006 Love Thy Pet Inc,. p id !"#,200 c sh to the rent $ co%p ny &or the ne't "2 %onths rent.

Prep id E'pense Adjusting Journ $ Entry

(ece%)er 3", 2006 Adjusted the %ount o& rent used during the period )et*een June 30 nd (ece%)er 3". "#,200 ; 6<"2 = #,600

Prep id E'penses Adjusting Ledger Entries

(ece%)er 3", 2006 Adjusted the %ount o& rent used during the period )et*een June 30 nd (ece%)er 3". "#,200 ; 6<"2 = #,600

6ne rned ,evenue .rigin $ Journ $ Entry

June 2+, 2006 ,eceived !-,000 c sh &or t*o )u$$dogs to )e de$ivered *ithin the ne't ye r )y )reeder.

6ne rned ,evenue .rigin $ Ledger Entries

June 2+, 2006 ,eceived !-,000 c sh &or t*o )u$$dogs to )e de$ivered *ithin the ne't ye r )y )reeder.

6ne rned ,evenue Adjusting Journ $ Entry

(ece%)er 3", 2006 ,ecord revenues e rned during the p st si' %onths. .ne o& the )u$$ doges * s de$ivered )y the )reeder

6ne rned ,evenue Adjusting Ledger Entries

(ece%)er 3", 2006 ,ecord revenues e rned during the p st si' %onths. .ne o& the )u$$ doges * s de$ivered )y the )reeder

(epreci tion .rigin $ Journ $ Entry

June 6, 2006 Love Thy Pet Inc,. purch sed o&&ice e/uip%ent &or !"-,000 c sh *ith n esti% ted use&u$$y $i&e o& - ye rs. The residu $ v $ue o& the e/uip%ent is e'pected to )e !3,000.

(epreci tion .rigin $ Ledger Entries

June 6, 2006 Love Thy Pet Inc,. purch sed o&&ice e/uip%ent &or !"-,000 c sh *ith n esti% ted use&u$$y $i&e o& - ye rs. The residu $ v $ue o& the e/uip%ent is e'pected to )e !3,000.

(epreci tion Adjusting Journ $ Entry

(ece%)er 3", 2006 ,ecord depreci tion &or o&&ice e/uip%ent. Ti%e period is June 6, 2006 to (ece%)er 3", 2006. Love Thy Pet uses the str ight0$ine %ethod o& depreci tion. !"-,000 > 3,000 = "2,000 < - = 2,?00 ; @<"2 = ",?00

(epreci tion Adjusting Ledger Entries

(ece%)er 3", 2006 ,ecord depreci tion &or o&&ice e/uip%ent. Ti%e period is June 6, 2006 to (ece%)er 3", 2006. Love Thy Pet Inc,. uses the str ight0$ine %ethod o& depreci tion. !"-,000 > 3,000 = "2,000 < - = 2,?00 ; @<"2 = ",?00

Accru $s
Types o& Adjust%ents: Accrued ,evenues Accrued E'penses

Accrued ,evenue .rigin $ Journ $ Entry

June ", 2006 The 1 t&ie$d 2o%p ny )orro*ed !"0,000 &or Love Thy Pet Inc,. The note is &or " ye r nd h s n interest r te o& 63.

Accrued ,evenue .rigin $ Ledger Entries

June ", 2006 The 1 t&ie$d 2o%p ny )orro*ed !"0,000 &or Love Thy Pet Inc,. The note is &or " ye r nd h s n interest r te o& 63.

Accrued ,evenue Adjusting Journ $ Entry

(ece%)er 3", 2006 ,ecord the ccrued interest &or the 1 t&ie$d 2o%p ny4s 5otes receiv )$e. The ti%e period is &ro% June ", 2006 to (ece%)er 3", 2006. 6se the si%p$e interest %ethod. "0,000 ; .06 = 600 ; @<"2 = 3-0

Accrued ,evenue Adjusting Ledger Entries

(ece%)er 3", 2006 ,ecord the ccrued interest &or the 1 t&ie$d 2o%p ny4s 5otes receiv )$e. The ti%e period is &ro% June ", 2006 to (ece%)er 3", 2006. 6se the si%p$e interest %ethod. "0,000 ; .06 = 600 ; @<"2 = 3-0

Accrued E'pense A $ ry E'pense 2 $end r &or (ece%)er 20;;


A65 C.5 T6E 8E( " "2 "# 26 6 "3 20 2@ @ "? 2" 2+ + "22 2# T16, 2 B,I 3 AAT ? "" "+ 2-

P y( y # "0 "6 "@

P y( y 23 2? 30

Accrued E'pense Adjusting Journ $ Entry

(ece%)er 3", 2006 T*o e%p$oyees re p id in tot $ !+00 e ch )i0*ee7 to )e p id even$y over - d y *or7 *ee7. 8h t *ou$d )e the ccrued e'pense &or e%p$oyees9 "600 ; #<"0 = "??0

Accrued E'pense Adjusting Ledger Entries

(ece%)er 3", 2006 T*o e%p$oyees re p id in tot $ !+00 e ch )i0*ee7 to )e p id even$y over - d y *or7 *ee7. 8h t *ou$d )e the ccrued e'pense &or e%p$oyees9 "600 ; #<"0 = "??0

Addition $ In&or% tion th t c n )e used to pr ctice djusting entries. 6se this in&or% tion to pr ctice djusting entries not sho* in this s$ide sho* de%onstr tion. Data from original entries and date for adjusting entries.
J nu ry 3", 2006 C rie purch sed t*o0ye r insur nce po$icy costing !2,?00 th t *i$$ e'pire J nu ry 3", 200+. (ece%)er 3", 200@ record the use o& the insur nce po$icy up to (ece%)er 3", 200@. J nu ry -, 2006 C rie purch sed pet store e/uip%ent &or !@,-00 in c sh. Be)ru ry ", 2006 C rie purch sed nd p$ ced into use pet store e/uip%ent &or !30,000 nd too7 out !-0,000 note *ith ter%s o& " ye r t 63. (ece%)er 3", 2006 Accrue interest on notes p y )$e. (ece%)er 3", 2006 record depreci tion on pet store e/uip%ent. Atr ight $ine %ethod o& depreci tion is used.