Adjusting Entries

why do you adjust supplies Jan. 31 it spouse to be dec 31 ?

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I really want to understand the changes in the accounts that led to Adjusted Trial Balance

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Hi! I've been asking myself this question (since I have no one to ask lol), when the transaction happens in like the 3rd, 9th, 17th, or 27th of the month, do you always have to assume them as either the start or the end of the month? assuming that the rent expense that was deducted from the prepaid rent was for exactly 25 days, do we assume that it's for 1 month already? so when we calculate it, do we deduct 1 month worth of prepaid rent? and not exactly 25 days? I hope you can answer my question 😭

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So helpful

So we debit expenses because we’re recording them?

Excellent video.

I have a problem that says in March a business paid $1,500 to cover rent for the balance of the year. The full amount would have been recorded as a debit to Prepaid Expense in March. Since there is a ten month period involved, the rent expense each month is $150. The balance of Prepaid rent would be $1,350 at the beginning of April.

The adjusting entry would be

Rent Expense. 150

Prepaid Rent 150

At the end of April, the balance in Prepaid rent would be $1200.

Can you please explain this example?

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Please do more examples about this topic. It really helps me.

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Hi,
adjusting entry example 4.... it is an unbilled fee of 500. The debit account should be accrued revenue. Once you bill it, then you debit the accounts receivable by 500 and credit accrued revenue by 500. am I right?

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Thank you so much this video has help me a lot !!

Very helpful indeed. thanks for that.

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This has been a wonderful refresher course. Thank you so much.