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Chapter 3 Exercises

The Adjusting Process. Chapter 3 Exercises. Adjusting Entries. In-Class Exercises (Form groups and work exercises) : Exercise No. Page E3-24 184 Adjusting Entries. Adjusting Entries.

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Chapter 3 Exercises

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  1. The Adjusting Process Chapter 3 Exercises

  2. Adjusting Entries • In-Class Exercises (Form groups and work exercises): Exercise No.Page E3-24 184 Adjusting Entries

  3. Adjusting Entries Grayson Architects’ accounting records shows the following account unadjusted balances as of March 31.DebitCreditAccounts Receivable………........ $ 1,400Office Supplies…………………… 1,100Prepaid Rent…………………….... 2,400Equipment………………………… 10,000Accumulated Deprec.-Equip…… $ 0Salaries Payable………………….. 0Unearned Revenue………………. 600Service Revenue…………………. 4,200Salary Expense………………....... 1,300Supplies Expense………………… 0Rent Expense……………………… 0Depreciation Expense – Equip…. 0 Requirement:Open a T-account for each account using the unadjusted balance given.

  4. Adjusting Entries Information forGrayson Architect reflects the following data for the March 31 adjusting entries. a. Service revenue accrued, $900. b. Unearned revenue that has been earned, $200. c. Office supplies on hand, $600. d. Salaries owed to employees, $400. e. One month of prepaid rent has expired, $800. f. Depreciation on equipment, $150. Requirements: (1) Journalize the adjusting entries (format on next slide) using the letter and March 31 date in the date column. (2) Post the adjustments to the T-accounts, entering each adjustment by letter. Show each account’s balance.

  5. Adjusting Entries General Journal Date Description Debit Credit

  6. Adjusting Entries • In-Class Exercise: Exercise No.Page E3-24 184 Adjusting Entries

  7. Adjusting Entries Trial Balance total……. $1,100Physical Inventory…… (600)Supplies used………… $ 500

  8. Adjusting Entries

  9. Recording Transactions End of Exercise

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