LESSON 16-1 Recording Adjusting Entries 6/22/2018 LESSON 16-1 Recording Adjusting Entries Adjusting entries recorded from a work sheet Adjusting entries Blue

Competency: Understanding the Accounting Cycle for a Merchandising Business Objectives: 68 Prepare to close temporary accounts for a merchandising business 69 Journalize adjusting and closing entries for a merchandising business 70 Prepare post-closing trial balance for a merchandising business LESSON 16-1

ADJUSTING ENTRIES RECORDED FROM A WORK SHEET page 480 1. Heading 2. Date 3 3. Identify the first adjustment 4. Account debited 5. Debit 6. Account credited 7. Credit 8. Continue down the Adjustments columns 2 1 4 6 5 7 LESSON 16-1

ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS page 482 LESSON 16-1

ADJUSTING ENTRY FOR MERCHANDISE INVENTORY page 482 LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIES—OFFICE page 483 LESSON 16-1

ADJUSTING ENTRY FOR SUPPLIES—STORE page 483 LESSON 16-1

ADJUSTING ENTRY FOR PREPAID INSURANCE page 484 LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484 LESSON 16-1

ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485 LESSON 16-1

ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485 LESSON 16-1