[shanu80]

I) The unexpired portion of advertising expenses was RM800.
ii) The amount of salesmen’s commissions owing at the last date of financial period was RM700.
iii) RM600 of the insurance expenses is meant for the next financial period.
iv) Office machinery repairs owed were RM300.
v) There were RM300 of selling expenses owing at 28th February 2009.
vi) RM100 of the miscellaneous expenses were yet to be used.
vii) Mortgage interest of RM1,500 is yet to be paid.
viii) A total of RM400 of interest on bank loan is still unpaid.
Ix) As at 28th February 2009, RM200 of bank interest revenue was earned but yet to be received.

[shanu80]

Discuss why is it important to determine whether the prepayment should be recognised as current asset or as an expense when preparing adjusting entries

[shanu80]

Please check for me. It's that correct

I) The unexpired portion of advertising expenses was RM800.(debit)
ii) The amount of salesmen’s commissions owing at the last date of financial period was RM700. (debit)
iii) RM600 of the insurance expenses is meant for the next financial period. (debit)
iv) Office machinery repairs owed were RM300.(debit)
v) There were RM300 of selling expenses owing at 28th February 2009.(credit)
vi) RM100 of the miscellaneous expenses were yet to be used.(debit)
vii) Mortgage interest of RM1,500 is yet to be paid.(debit)
viii) A total of RM400 of interest on bank loan is still unpaid.(debit)
Ix) As at 28th February 2009, RM200 of bank interest revenue was earned but yet to be received.(credit)

[morgaine300]

Please see the guidelines for posting homework questions:
https://www.askmehelpdesk.com/financ...-b-u-font.html

And please do not double post things. I've merged your two threads into one.

And check if what is correct? You haven't posted any answers to check.

[shanu80]

My answer in bracket. (debit) or (credit)

[morgaine300]

No wonder I didn't recognize it. Those aren't entries. Meaning you need to backtrack and learn how to do entries to begin with, otherwise you cannot do adjusting entries.

At a minimum, all entries consist of two accounts, whether each account is a debit or a credit, and what currency value goes into the account. That's actually six total items to check. Like:

(Dr) Cash 100
(Cr) Receivables 100

So I have an account, Cash, that has a debit, at an amount of 100. And I have another account, Receivables, that has a credit, at an amount of 100. That's six things that must be correct. (Minimum, not counting compound entries.)

ALL entries have both debit and credit, so "debit" or "credit" by itself means nothing, since all entries must have at least one of each. Debit simply means the left side and credits means the right side. So you have listed a side, that is all. And both sides are always used. You haven't said any account names, etc. So those aren't entries.

Meaning you are missing some basics about what an entry even is that came before this, that you absolutely need to go back and review.