This document discusses adjusting entries in accounting. It explains that adjusting entries convert accounting records to the accrual basis prior to issuing financial statements. It then provides examples of different types of adjusting entries, such as for prepayments, accruals, and estimates. The document includes a numerical example showing the general journal, adjusting journal, and adjusted trial balance for a company called Hamm Equipment Repair. The example adjusting entries account for supplies, salaries payable, depreciation, and unearned service revenue.
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2. Presented By
• Md. Tanvir Hossain – 161-15-7157
• Jakir Hossain – 161-15-7543
Team ‘NAMHIN’
Team Members
3. Introduction
Adjusting entries are accounting journal entries that convert a company's
accounting records to the accrual basis of accounting. An adjusting journal
entry is typically made just prior to issuing a company's financial
statements
4. • TIME PERIOD ASSUMPTION
• REVENUE RECOGNITION PRINCIPLE
• THE MATCHING PRINCIPLE
• ACCRUAL BASIS OF ACCOUNTING
• CASH BASIS OF ACCOUNTING
Pre-requisite knowledge
8. On November 1, 2017, the account balances of
Hamm Equipment Repair were as follows.
9. During November, the following summary
transactions were completed.
Nov. 8 Paid Tk.1,700 for salaries due employees, of which Tk.700 is for October salaries.
10 Received Tk.3,620 cash from customers on account.
12 Received Tk.3,100 cash for services performed in November.
15 Purchased equipment on account Tk.2,000.
17 Purchased supplies on account Tk.700.
20 Paid creditors on account Tk.2,700.
22 Paid November rent Tk.400.
25 Paid salaries Tk.1,700.
27 Performed services on account and billed customers for these services Tk.2,200.
29 Received Tk.600 from customers for future service.
10. Adjustment data consist of:
• 1. Supplies on hand Tk.1,400.
• 2. Accrued salaries payable Tk.350.
• 3. Depreciation for the month is Tk.200.
• 4.Services related to unearned service revenue of Tk.1,220 were
performed.
