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I am working on a 10-column work sheet, I have been given all of the unadjusted trial balances.......then I am given the following information to insert into the adjustments, All I need is for someone to help tell me if these transactions are debits or credits.....

The June 30, 2004, credit balance of the owner’s capital account was $52,660, Owner invested $25,000

a) Supplies left at end of 2005 had a cost of $3,200
b)Cost of expired insurance=$3,900
c)Annual Depreciation on Equipment=$8,500
d). The June utilities expense of $550 is not included in the unadjusted trial balance, needs to be recorded
e)Employees accrued wages=$1,600
f)Rent expense incurred but not yet paid=$200
g)Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts
h). Long-term note payable has 1% interest per month. Unadjusted trial includes payment for first 11 months. $240 unpaid, $5,000 required payment

2007-10-22 12:47:07 · 1 answers · asked by wastedmemoriez 1 in Business & Finance Personal Finance

1 answers

1. You are confusing accounting homework with PERSONAL FINANCE.
2. EVERY accounting entry is a debit AND a credit.
3. Adjusting entries ADJUST the balance of accounts the the correct amount. The actual entry is the DIFFERENCE between the current and correct balance.
4. If you can't answer the question with this information, you need a tutor, not YA.

2007-10-22 13:05:27 · answer #1 · answered by STEVEN F 7 · 0 0

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