We will have to adjust entries for a loan payable just in entries related to accrued interest. we will have gesine entries related to an invoice and account receivable that needs to be adjusted to the current time period.
We will have the account receivable reversing entry having to reverse the last entry for the first time period in the next time period the next month.in our case we will have a prepaid insurance adjusting entry that will have a depreciation adjust in the entry will have an unearned revenue adjusting entry.
While we will have a reversing entry for the unearned revenue which will be made the first day after the adjustment process we will have the generalized report and financial statement which we can use to see how the financial statement has been adjusted through the adjusting entry process. and the journal entries the general will show us what has happened and we can track our data and compare our data to see if we are on some page for working through the same problem with this report.
DEPRECIATION ADJUSTING ENTRYWe are click report icon in our QuickBooks online site .and they .we are going to go to the balance sheets report that financial statement report and we are going to put the dates for the process for the period of time in which we will be recording and that just in the journal entry form which will be starting and ending date and clicks run the report.depreciation is an example of a deferral adjusting entry.
assume on January 1, jack purchase a car for rs200000.so what is the journal entries on January 1?
Is this an adjusting entry?
what is the balance on the unadjusted trial balance for equipment account .depreciation expense account, and accumulated depreciation account?
the journal entry is
jan1 equipment a/c 200000
To cash a\c 200000
(being purchase a equipment for cash)