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Practical Guide to Adjusting Entries in Accounting

Learn how to record and adjust various entries like allowances, inventory, supplies, insurance, depreciation, and taxes, ensuring accurate financial statements. This lesson provides step-by-step guidance for adjusting entries and covers key concepts essential for proper accounting practices.

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Practical Guide to Adjusting Entries in Accounting

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  1. LESSON 16-1 Recording Adjusting Entries

  2. 2 1 4 6 5 7 ADJUSTING ENTRIES RECORDED FROM A WORK SHEET page 480 1. Heading 2. Date 3 3. Identify the first adjustment 4. Account debited 5. Debit 6. Account credited 7. Credit 8. Continue down the Adjustments columns LESSON 16-1

  3. ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS page 482 LESSON 16-1

  4. ADJUSTING ENTRY FOR MERCHANDISE INVENTORY page 482 LESSON 16-1

  5. ADJUSTING ENTRY FOR SUPPLIES—OFFICE page 483 LESSON 16-1

  6. ADJUSTING ENTRY FOR SUPPLIES—STORE page 483 LESSON 16-1

  7. ADJUSTING ENTRY FOR PREPAID INSURANCE page 484 LESSON 16-1

  8. ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484 LESSON 16-1

  9. ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485 LESSON 16-1

  10. ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485 LESSON 16-1

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