By Elizabeth A Minbiole
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53 0 Interest Expense Explanation Ref. Debit Date 20X 7 May_31 Accrue interest _ _ _ _ GJ5 _ _ _ 100 Credit 100 220 Interest Payable Ref. Date Explanation 20X7 M ay_ 3_1 Accrue interest _ _ _ _ JGJ5 Debit Balance Credit 100 Balanc e 100 Accounting records that do not include adjusting entries for accrued expenses understate total liabilities and total expenses and over state net income . ACCOUNTING PRINCIPLES I 45 ADJUSTMENTS AND FINANCIA L STATEMENTS Unearned Revenue s Unearned revenues are payments for future services to be performe d or goods to be delivered.
General Journal GJ 1 Date Account Title and Description Ref. y . :'sue;"y 'M . ' :i' y. + : : 0 Wk. t `• a ' -- 20 Cash ------- Unearned_ R_e_v_enu_e Prepayment 100 ---- 27 0 2_5_0 27 0 Cash Date Explanation :. ATM•`/ }IM■P . •7• •• :: ~ Ref . 100 Debit Credit Balance il. 40 P-A : ;•, 7'f a s ©r~ ~ a ~'}y~ ji/ r a••L'• a ' r r a r r P 1 ` S r r r a r r a 20 Prepayment •• . ~fW'r • '~I•''r a r r r GJ1 ___270 r r r r a~'~•: ______ Unearned Revenue Date Explanation 20X2 --- - -------------- Apr. '' ~ r~•:'• • 6,390 25 0 Ref .
Debit GJ9 __2,000 Wages Payable Ref . Debit Explanation Date 20X 7 Oct _31 Accrue wages 44 Credit JGJ9 50 0 Credit _____ Balance 20,000 _ 22,000 27 0 Credit 2,000 Balance __ 2,000 CLIFFS QUICK REVIEW ADJUSTMENTS AND FINANCIA L STATEMENT S If a long-term note payable of $10,000 carries an annual interes t rate of 12%, then $1,200 in interest expense accrues each year . At the close of each month, therefore, the company makes an adjusting en try to increase (debit) interest expense for $100 and to increase (credit ) interest payable for $100 .
Accounting Principles I (Cliffs Quick Review) by Elizabeth A Minbiole