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Using the QuickBooks® Online Assignment Supplementary Material, Ch. 4 -Accrual Accounting
Concepts Presentation and the "Journal Entries" video, create the following 7 adjusting entries
for Sierra Corporation. All entries should be dated 10/31/2013.
Part 1
3 adjusting journal entries effecting prepaid expenses
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Reflect supply utilization by debiting supply expense for $1,500 and crediting supplies
for $1,500
Reflect insurance utilization by debiting insurance expense for $50 and crediting prepaid
insurance for $50.
Reflect utilization of equipment by debiting depreciation expense for $40 and crediting
accumulated depreciation $40.
1 adjusting entry effecting unearned revenues
•
Reflect revenue earned in October by debiting unearned revenue for $400 and crediting
service revenue for $400.
1 adjusting entry effecting accrued revenues
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Reflect revenue not previously recorded by debiting accounts receivable for $200 and
crediting service revenue for $200.
2 adjusting entries effecting accrued expenses
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Reflect interest expense not previously recorded by debiting interest expense for $50 and
crediting interest payable for $50.
Reflect salaries expense earned but not paid out yet by debiting salaries expense for
$1,200 and crediting salaries payable for $1,200.
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