# 10 11 12 13 Date 1/31/2023 1/31/2023 1/31/2023 T-4+ T-5 1/31/2023 Account Name $ Debit Entry Insaction Reference $ Credit Entry Received a $1,000 bill for utilities consumed in January that will be paid in February. Record the adjusting entry. Company employees earn 8,000 in salaries in the second half of January to be paid in February. Record the adjusting entry. Record one month of depreciation on the building and the equipment. Record the adjusting entry. Depreciation Expense Accumulated Deprication
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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17
18
15
14
13
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#
10
11
Date
1/31/2023
1/31/2023
1/31/2023
T-4+ T-5
1/31/2023
T-2
1/31/2023
T-4
1/31/2023
T-7
1/31/2023
1/31/2023
T-9
Account Name
$ Debit Entry
Insaction Reference
$ Credit Entry
Received a $1,000 bill for utilities consumed in January that will be paid in February. Record the
adjusting entry.
T-3
1/31/2023 Supplies Expense
Supplies
500
Accrue one month of interest expense on the note related to the building loan on 1/1/2023. Record the
adjusting entry.
Company employees earn 8,000 in salaries in the second half of January to be paid in February. Record
the adjusting entry.
Record one month of depreciation on the building and the equipment. Record the adjusting entry.
Depreciation Expense
Accumulated Deprication
One month of pre-paid rent from 1/1/2023 has expired. Record the adjusting entry.
Bent Expense
Prepaid Rent
$500 of supplies remain in supplies inventory at the end of January. Record the adjusting entry.
500
Performed $10,000 of the service pre-paid for on January 18th. Record the adjusting entry.
Accrue $4,000 of services provided to a customer in January. Record the adjusting entry.
Bank statement shows a check received on account from a customer for $300 on 1/28/2023 was returned
as NSF. Record the adjusting entry."
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