1. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-1 Recording Adjusting Entries

2. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Accounting Cycle 2 3 4 5 6 1 7 8 8.Prepare post-closing trial balance 7.Post adjusting and closing entries 6.Journalize adjusting and closing entries 5.Prepare financial statements 4.Prepare work sheet 3.Post 2.Journalize 1.Analyzes transactions

3. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 16-1 ADJUSTING ENTRIES RECORDED FROM A WORK SHEET 3 page 480 214567 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

4. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 16-1 ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS page 482

5. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 16-1 ADJUSTING ENTRY FOR MERCHANDISE INVENTORY page 482

6. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 16-1 ADJUSTING ENTRY FOR SUPPLIES— OFFICE page 483

7. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 16-1 ADJUSTING ENTRY FOR SUPPLIES— STORE page 483

8. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 16-1 ADJUSTING ENTRY FOR PREPAID INSURANCE page 484

9. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 16-1 ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484

10. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 16-1 ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485

11. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 11 LESSON 16-1 ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485