On QuickBooks 2020 when it says plan adjusting journal entry am I entering a closing entry ## E9.3.3 Plan Adjusting Journal Entry### Instructions:Complete the following:### Screenshot Description:The image displays a template for an adjusting journal entry in a financial software interface, most likely for educational purposes in learning QuickBooks adjustments. Here is a breakdown of the elements:#### Main Interface Elements:- **Date**: 12/31/2024- **Entry No.**: ADJ2024#### Functions and Options:- **Main Buttons**: Print, Attach File, Send, Queue- **Action Buttons**: Find, New, Save, Delete, Create Copy, Memorize, Reverse- **Adjustment Type**: ADJUSTING ENTRY#### Table Columns:1. **Accounts**: Place for account names and numbers.2. **Debit/Credit Columns**: For recording financial transaction values.3. **Memo**: Space for entering details regarding the entry.4. **Name**: Field for specifying the name associated with the transaction.5. **Bill/Class**: Indicating relevant billing information or classification.#### Totals:- **Debit Total**: 0.00- **Credit Total**: 0.00### Notes:- The form is set to record an adjusting journal entry, which is a common task at the end of accounting periods to make necessary adjustments.- Users should fill out account names, debit and credit values, and other relevant information before saving the entry.### Context:This exercise appears on page 509 under the section titled "QuickBooks Adjustments" within an educational workbook or course packet, likely intended for learning accounting software and adjusting journal entries. ## Exercise 9.3 Adjusting Entry for Accrued Expenses: Rock Castle Construction### BackstoryRock Castle Construction incurred interest that has not yet been paid as of December 31, 2024, amounting to $3,000. Use Entry No. ADJ2024.4 with the following accounts to make the adjusting entry. Add new accounts as needed:- **20300 Interest Payable**- **62420 Loan Interest (Expense)**### E9.3.1 QuickBooks File InstructionsIf using the same computer and QuickBooks file:1. Select your **QBW file**.2. Change the company name to **YourName Exercise 9.3 Rock Castle Construction** by navigating to **Company Menu > My Company**.If you’re on a different computer than used for Chapter 9 and Exercises 9.1 - 9.2, restore your prior **Backup.QBB file** as instructed in Appendix B. After restoring, update the company name to **YourName Exercise 9.3 Rock Castle Construction**.### E9.3.2 Accrued Expense AdjustmentComplete the following table:| Account | Account Type | Increase or Decrease? | Debit or Credit? | Amount ||--------------------|--------------|----------------------|-----------------|--------|| Interest Expense | Expense | 1. _______ | 2. _______ | 3. $___3,000_ || Interest Payable | Liability | 4. _______ | 5. _______ | 6. $___3,000_ |**Note:** Fill in the blanks based on whether the amounts should increase or decrease and whether they are debits or credits.

Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Exercise 9.3 Adjusting Entry Accrued Expenses K Rock Castle Construction BACKSTORY Interest incurred but not yet paid by Rock Castle Construction as of December 31, 2024, was $3,000 in total. Use Entry No. ADJ2024.4. Use the following accounts to make the adjustng entry. Add new accounts as needed. 20300 Interest Payable 62420 Loan Interest (Expense) E9.3.1 QuickBooks File If you will be using the same computer and the same QBW file: 1. Select your QBW file. 2. Update the company name to YourName Exercise 9.3 Rock Castle Construction by selecting Company Menu > My Company. If you are not using the same computer that you used for Chapter 9 and Exercises 9.1 - 9.2, you will need to restore your latest prior Backup.QBB file using the instructions in Appendix B: Back Up and Restore QuickBooks files. After restoring, update the company name to YourName Exercise 9.3 Rock Castle Construction. E9.3.2 Accrued Expense Adjustment Complete the following table. Account Account Increase or Debit or Credit? Amount Турe Decrease? Interest Expense Expense 2. 1. 3. $. Interest Payable Liability 4. 5. 6. $.

Exercise 9.3 Adjusting Entry Accrued Expenses K Rock Castle Construction BACKSTORY Interest incurred but not yet paid by Rock Castle Construction as of December 31, 2024, was $3,000 in total. Use Entry No. ADJ2024.4. Use the following accounts to make the adjustng entry. Add new accounts as needed. 20300 Interest Payable 62420 Loan Interest (Expense) E9.3.1 QuickBooks File If you will be using the same computer and the same QBW file: 1. Select your QBW file. 2. Update the company name to YourName Exercise 9.3 Rock Castle Construction by selecting Company Menu > My Company. If you are not using the same computer that you used for Chapter 9 and Exercises 9.1 - 9.2, you will need to restore your latest prior Backup.QBB file using the instructions in Appendix B: Back Up and Restore QuickBooks files. After restoring, update the company name to YourName Exercise 9.3 Rock Castle Construction. E9.3.2 Accrued Expense Adjustment Complete the following table. Account Account Increase or Debit or Credit? Amount Турe Decrease? Interest Expense Expense 2. 1. 3. $. Interest Payable Liability 4. 5. 6. $.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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