ADJUSTING ENTRIES EXPLAINED, ACC 100 Accounting I Week 3 Homework Chapter 3, homework help

Please see attached and solve problems.

ADJUSTING ENTRIES ARE OF FOUR TYPES

Prepaid Expense

Prepaid Expense (or Inventory) dr

Cash cr

When the Prepaid Expenditure is made.

AND/OR

Expense dr

Prepaid Expense (or Inventroy) cr

When the actual expense consumed is determined (usually at the end of a period.)

UNEARNED REVENUE

Cash dr

Unearned revenue cr

When a cash payment for unearned revenue is received.

and/or

Unearned revenue dr

Revenue cr

When the revenue is considered to have been earned

ACCRUED REVENUE

Accounts receivable dr

Revenue cr

When a sale has occurred but cash has not been received from the customer

ACCRUED EXPENSE

XXX Expense dr

xxx Payable cr

When an expense has been incurred but not paid for.