Adjusting Entries Examples

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Presentation transcript:

Adjusting Entries Examples

Supplies At the beginning of the year, there was $3500 worth of supplies, at the end of the year there was $1000 worth of supplies left.

Insurance A 12 month prepaid insurance policy was purchased for $1200. What is the adjusting entry after 6 months?

Salaries On Dec 31, Employees were still owed $4200 in salaries.

Interest We signed a 5 month note payable for $5000 at 5%. What is the adjusting entry after 2 months?

Amortization We own a building worth $100,000 (Jan 1) and the annual amortization is $12,000. What is the adjusting entry on April 30.