Make adjustment entries:

1-Interest owed on a loan but not paid or recorded is $175. In other words, we owe interest due the fact that we borrowed money.


2-Before adjustment, the general ledger (T-account) for office supplies had a balance of $350. At the end of the period, $70 of supplies were on hand.

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Originally Posted by lisbettmatute

Make adjustment entries:

1-Interest owed on a loan but not paid or recorded is $175. In other words, we owe interest due the fact that we borrowed money.


2-Before adjustment, the general ledger (T-account) for office supplies had a balance of $350. At the end of the period, $70 of supplies were on hand.

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3-Prepaid rent had a $1,000 normal balance in the general ledger (T-account) prior to adjustment. By year end, $500 had expired

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