Econ. 136A Section Assignment
Part 4 Requirements
1. Add four adjusting journal entries (AJEs). Your AJEs should include one entry from each of the four types of AJEs described in Chapter 3 of the text.
· Accrued revenue
· Accrued expense
· Deferred revenue
· Deferred expense
2. Your AJEs are to be entered on the same “journal entry” sheet used for your other journal entries. Be sure and use the lookup function for all journal entries.
3. Update the T-accounts, the trial balance, and the financial statements for the adjusting journal entries. You may need to add accounts to your T-accounts, trial balance, and financials.
4. Prepare a closing journal entry. Like all of your previous journal entries, place the closing entry on the journal entry page and again be sure and use the lookup function for the account names.
5. Post the closing entry to the related T-accounts. The changes to the T-accounts should update the trial balance and the financial statements. Be sure and add accounts to the T-accounts, trial balance, and financials, if necessary.
The requirements for this assignment are due in section next week.
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