Accrual Accounting Concepts Presentation and the "Journal Entries

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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 • • • 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 • Reflect revenue not previously recorded by debiting accounts receivable for $200 and crediting service revenue for $200. 2 adjusting entries effecting accrued expenses • • 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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