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LO4 PRACTICE EXERCISE 4 Adjustments are a way of updating the ledger accounts. They are determined after the trial balance has been prepared. To change the balance of the ledger accounts, adjusting entries are needed in the general journal as evidence of the changes. T information for these entries are taken directly from the Adjustments columns of the work sheet, debiting and crediting the same accounts and amounts in the journal entries. Therefore, each adjusting entry consists of an income statement account and a balance sheet account. When the adjusting entries are posted to the ledger accounts, the abbreviation Adj. is written in the Item column of the ledger account. Journalize and post the adjusting entries for Sheila's Salon from Practice Exercise 3. If an amount box does not require an entry, leave it blank or enter "0". Journalize the adjustments in the order given in the question. DATE 20-- Nov. 30 GENERAL JOURNAL DESCRIPTION POST. REF. PAGE 1 DEBIT CREDIT All work saved. Save a Pr

LO4 PRACTICE EXERCISE 4 Adjustments are a way of updating the ledger accounts. They are determined after the trial balance has been prepared. To change the balance of the ledger accounts, adjusting entries are needed in the general journal as evidence of the changes. T information for these entries are taken directly from the Adjustments columns of the work sheet, debiting and crediting the same accounts and amounts in the journal entries. Therefore, each adjusting entry consists of an income statement account and a balance sheet account. When the adjusting entries are posted to the ledger accounts, the abbreviation Adj. is written in the Item column of the ledger account. Journalize and post the adjusting entries for Sheila's Salon from Practice Exercise 3. If an amount box does not require an entry, leave it blank or enter "0". Journalize the adjustments in the order given in the question. DATE 20-- Nov. 30 GENERAL JOURNAL DESCRIPTION POST. REF. PAGE 1 DEBIT CREDIT All work saved. Save a Pr

FINANCIAL ACCOUNTING
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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journalize and post the adjusting entries for sheila's salon from practice 3
LO4 PRACTICE EXERCISE 4 Adjustments are a way of updating the ledger accounts. They are determined after the trial balance has been prepared. To change the balance of the ledger accounts, adjusting entries are needed in the general journal as evidence of the changes. T information for these entries are taken directly from the Adjustments columns of the work sheet, debiting and crediting the same accounts and amounts in the journal entries. Therefore, each adjusting entry consists of an income statement account and a balance sheet account. When the adjusting entries are posted to the ledger accounts, the abbreviation Adj. is written in the Item column of the ledger account. Journalize and post the adjusting entries for Sheila's Salon from Practice Exercise 3. If an amount box does not require an entry, leave it blank or enter "0". Journalize the adjustments in the order given in the question. DATE 20-- Nov. 30 GENERAL JOURNAL DESCRIPTION POST. REF. PAGE 1 DEBIT CREDIT All work saved. Save a Pr
Transcribed Image Text:LO4 PRACTICE EXERCISE 4 Adjustments are a way of updating the ledger accounts. They are determined after the trial balance has been prepared. To change the balance of the ledger accounts, adjusting entries are needed in the general journal as evidence of the changes. T information for these entries are taken directly from the Adjustments columns of the work sheet, debiting and crediting the same accounts and amounts in the journal entries. Therefore, each adjusting entry consists of an income statement account and a balance sheet account. When the adjusting entries are posted to the ledger accounts, the abbreviation Adj. is written in the Item column of the ledger account. Journalize and post the adjusting entries for Sheila's Salon from Practice Exercise 3. If an amount box does not require an entry, leave it blank or enter "0". Journalize the adjustments in the order given in the question. DATE 20-- Nov. 30 GENERAL JOURNAL DESCRIPTION POST. REF. PAGE 1 DEBIT CREDIT All work saved. Save a Pr
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