CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-2 Accrued Expenses.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-2 Accrued Expenses

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 21-2 ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSE page Credit Interest Payable. 1.Debit Interest Expense. 3.Record the adjusting entry.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 21-2 POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSE page Post the credit. 1.Post the debit.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 21-2 REVERSING ENTRY FOR ACCRUED INTEREST EXPENSE 1 2 page Debit Interest Payable. 2.Credit Interest Expense.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 21-2 PAYING A NOTE PAYABLE SIGNED IN A PREVIOUS FISCAL PERIOD page 625 March 1. Paid cash for maturity value of the September 2 note: principal, $10,000.00, plus interest, $600.00; total, $10, Check No Debit for the principal of the note. 2.Debit for the total interest. 3.Credit for the maturity value of the note. 4.Post the amounts in the General columns.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 21-2 TERMS REVIEW accrued expenses accrued interest expense page 627