Acct 2101 Exam 1 Adjustments

for prepaid rent

debit rent expense, credit prepaid rent

for prepaid insurance

debit insurance expense, credit prepaid insurance

for supplies

debit supplies expense, credit supplies

for depreciation

debit depreciation expense, credit accumulated depreciation

for unearned revenue

debit unearned revenue, credit revenue

for wages / salaries expense

debit wages expense, credit wages payable

for interest expense

debit interest expense, credit interest payable

for unrecorded revenues

debit accounts receivable, credit service revenue

how to close the revenue account to retain earnings

debit revenue, credit retained earnings

how to close expense account to retained earnings

debit retained earnings, credit expenses

how to close the dividends account to retained earnings

debit retained earnings, credit dividends

how to close the revenue account to the income summary

debit revenue, credit income summary

how to close the expense account to the income summary

debit income summary, credit expenses

how to close the income summary account to retained earnings

debit income summary, credit retained earnings