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    Janelle101's Avatar
    Janelle101 Posts: 60, Reputation: 1
    Junior Member
     
    #1

    Jun 30, 2009, 06:01 AM
    How do I complete this adjustments
    Good Day! I am asking someone to please help us with this topic we've already done it none of us passed our teacher is to busy to help us, so we come to someone out there, I believe I did the trial balance correct but the adjustment is a problem we never did this but we are willing to learn. Please help us. :o
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    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
     
    #2

    Jun 30, 2009, 06:38 AM

    First step is to close all the temporary accounts (reveunes and expenses) to income summary or in this case I think it is being called Exp and Rev Summary.
    Janelle101's Avatar
    Janelle101 Posts: 60, Reputation: 1
    Junior Member
     
    #3

    Jun 30, 2009, 06:45 AM

    We don't understand we haven't reached there, all we got were an example of a trial balance and were told to do it.
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
     
    #4

    Jun 30, 2009, 07:06 AM

    At what point do you no longer understand?

    You are there, like I said you need to close all the revenue & expense accounts to the Exp and Rev Summary account. You need to zero all these accounts out so if you have $3000 credit in reveune you need to debt reveune 3000 and credit income summary. You need to do this for all the accounts.
    Janelle101's Avatar
    Janelle101 Posts: 60, Reputation: 1
    Junior Member
     
    #5

    Jun 30, 2009, 02:53 PM

    OK! We tried and tried we made a lot of errors but Peachey figured out some and she posted it, please review it and make any corrections please help us, we can't go any further.
    charlesjerome's Avatar
    charlesjerome Posts: 2, Reputation: 1
    New Member
     
    #6

    Jun 30, 2009, 04:07 PM

    Compute te adjustment necessary for Property Taxes Expense for the month of May
    charlesjerome's Avatar
    charlesjerome Posts: 2, Reputation: 1
    New Member
     
    #7

    Jun 30, 2009, 04:10 PM
    Compute the adjusment necessary for property taxes expense for the month of may.

    4/01 Prepaid property taxes 1,594.78
    Bank
    Paid six months property taxes for the perid 4/01 through 10/31. How do I get the answer what is the answer
    Janelle101's Avatar
    Janelle101 Posts: 60, Reputation: 1
    Junior Member
     
    #8

    Jun 30, 2009, 09:09 PM

    charlesjerome: I think if you make your own thread you will get a quicker answer also they will want you to try trust me we know.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #9

    Jul 3, 2009, 11:10 PM

    Janelle, how very true! :-)

    Did you see my post to Peachy?
    Janelle101's Avatar
    Janelle101 Posts: 60, Reputation: 1
    Junior Member
     
    #10

    Jul 4, 2009, 06:04 AM

    Yes! I did and thank you a lot you are a life saver.

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