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Chapter4AdjustmentsandtheConceptualFrameworkWhyAdjustingEntries?TheNeedforAdjustingEntries:AnExampleWhyAdjustingEntries?WhyAdjustingEntries?TypesofadjustingentriesPrepaymentsPrepayments-Example1Example1-2012Example1-2013Prepayments-Example203/01/2012Supplies3,000Cash3,000OnDecember31Endingsupplies=BeginningSupplies+Purchases–SuppliesExpense1,200=0+3,000–SuppliesExpenseSuppliesExpense=$1,80012/31/2012SuppliesExpense1,800Supplies1,800Prepayments-Example3Prepayments-Example406/01/2012Cash36,000UnearnedRevenue36,000OnDecember31:Revenuefor2012=36,000/12X5=$15,00012/31/2012UnearnedRevenue15,000Revenue15,000AccrualsAccruals-Example1Accruals-Example2InterestRevenue=PrincipalxInterestRatexPeriodInterestRevenuefor2012=10,000x12%x(4/12)=$400Adjustingentryon12/31/2012InterestReceivable400InterestRevenue400AlternativeBookkeepingAlternativeBookkeeping-Ex.1AlternativeBookkeeping-Ex.1AlternativeBookkeeping-Ex.2AlternativeBookkeeping-Ex.2TheClosingProcessAssets,liabilities,andshareholders’equityaccountsarepermanent,orrealaccounts,andareneverclosed.Threestepsareusedintheclosingprocess...CloserevenuesandgainstoIncomeSummary.CloseexpensesandlossestoIncomeSummary.ClosetheIncomeSummaryaccountanddividendstoRetainedEarnings.Cash400Dividends80Servicerevenue1,000Accountsreceivable50Commonstock250Salaryexpense200Rentexpense280Accountspayable180Retainedearnings(beg.)100Utilitiesexpense320ClosingtheBooks-ExamplePost-closingTrialBalanceQualityofEarnings
