1. Adjusting Entries Prior Period Future Period
Convert Assets to Expenses
Cash paid FIRST
Accruing Unpaid Expenses
Cash paid in FUTURE
Depreciation Exp/Accumulated Depreciation
Rent Expense/Prepaid Rent
Supplies Expense/Supplies
Insurance Expense/Prepaid Insurance
Salaries Expense/Salaries Payable
Interest Expense/Interest Payable
Income Tax Expense/Income Tax Payable
Convert Liability to Revenue
Cash received FIRST
Accruing Uncollectible Revenue
Cash received in FUTURE
Unearned Revenue/Earned Revenue
Accounts Receivable/Revenue
Adjusting Entries