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-   -   How to do journal entries in accounting (https://www.askmehelpdesk.com/showthread.php?t=466173)

  • Apr 21, 2010, 12:21 PM
    JSamuels
    How to do journal entries in accounting
    I have a balance of $450 debit-prepaid insurance. The insurance policy is dated December 1; the monthly insurance cost is $50.

    I have a balance of $20,000-cameras. The cameras were purchased January 1, 2007. The estimated life is five years.

    The balance of unearned revenue before adjusting entries is $5,700 credit. The balance in unearned revenue is now $2000

    Interest owed but not paid on the note was $30. The note payable balance is $3000 credit.

    I need to know where to place them on the journal entries and adjusted trial balance.

    The salaries expense is $2,400 debit; Salaries owed but not paid at December 31 were $2000
  • Apr 22, 2010, 12:36 PM
    pready

    #1 you need to compute the amount of insurance used during the period. The entry will be Debit Insuarnce Expense and Credit Prepaid insurance

    #2 Your need to calculate the depreciation for the period. The entry will be Debit Depreciation Expense and Credit Accumulated depreciation

    #3 The amount is given. The journal entry will be: Debit Interest Expense and Credit Interest Payable

    #4 The amount is given. The entry will be Debit Salaries Expense and Credit Salaries Payable

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