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Understanding Adjusting Entries: Supplies and Prepaid Insurance

This lesson covers the process of recording adjusting entries for supplies and prepaid insurance. It outlines the steps to create entries, including writing the date, titles of the accounts involved, and recording debit and credit amounts. By understanding and applying these principles, you can ensure accurate financial reporting and maintain the integrity of your accounts. This fundamental knowledge is crucial for effective accounting practices.

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Understanding Adjusting Entries: Supplies and Prepaid Insurance

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  1. LESSON 8-1 Recording Adjusting Entries

  2. 3 4 ADJUSTING ENTRY FOR SUPPLIES page 202 1. Write the heading. 2. Write the date. 3. Write the title of the account debited. Record the debit amount. 1 4. Write the title of the account credited. Record the credit amount. 2 LESSON 8-1

  3. 2 3 ADJUSTING ENTRY FOR PREPAID INSURANCE page 204 1. Write the date. 2. Write the title of the account debited. Record the debit amount. 3. Write the title of the account credited. Record the credit amount. 1 LESSON 8-1

  4. TERM REVIEW page 205 • adjusting entries LESSON 8-1

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