Q1 At the end of the accounting period accountants adjust
Q1. At the end of the accounting period, accountants adjust accounts to reflect accrued amounts and unrecorded transactions. This entails recording more journal entries, like in Step 2, and posting them, like in Step 3.
Review the accounts in Doogie’s unadjusted trial balance on the previous page. There are three balance sheet accounts that need to be adjusted (updated to the correct ending balance), which are (cash / ____________ / ____________/ ____________/ common stock). There are (1 / 2 / ____ / 4) income statement accounts that need to be adjusted, which are (revenue / ____________/ ____________/ rent expense / ____________).
Q2. Use the information below to prepare general journal entries needed to record the adjustments for Doogie’s Dog Grooming Corporation on July 31. The Chart of Accounts for Doogie’s is presented in a previous activity.
Q3. Compute total debits and total credits and record below. As a check to the accuracy of the postings, make certain that total debits equal total credits. If not, please find the error and correct. Do total debits equal total credits? (______ / No)
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