Mathematics, 09.01.2021 05:10 greatsavagebeast
The Circle Films unadjusted trial balance prepared on May 31st shows the transactions during its first month of operations. In addition to this there is more information available on May 31st for which adjusting entries can be prepared. A deferred expense is also called a pre-paid expense. On May 31st Circle Films recognized that one months' worth of insurance, prepaid last month for one year in advance is expired, therefore it needs to expense 1/12 of the annual cost of 1200 dollars or 100 dollars. So the asset account prepaid insurance is reduced while insurance expense is increased. This is the adjusting entry to adjust the asset account for prepaid insurance down and the expense account for insurance expense up. And here's the entry to be posted to the relevant T accounts. Once this adjusting entry is journalized and posted at the ledger, an adjusted trial balance can be prepared. Now the pre-paid insurance account is 1,100 dollars and the insurance expense account is 100 dollars. Record the adjusting entry for recording the interest due on a note payable liability. Assume that the company has a $2400 note payable outstanding on which they pay a 5% annual interest rate. Record the adjustment for interest due for one month's worth of interest.
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The Circle Films unadjusted trial balance prepared on May 31st shows the transactions during its fir...
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