Chapter 2, Problem 7E

To determine

Concept Introduction

Adjusting Entries: Adjusting entries are journal entries that are entered in books of account to record the unaccounted revenue and/or expenditure according to the accrual basis of accounting. Adjusting entries are made at the end of the accounting period to correct the balance sheet and profit & loss account.

Account Receivables:

For any delivered goods or services, the amount owed by the customers that they need to pay to the business is called account receivables. In the balance sheet, the account receivables are shown as Assets.

Account Payable:

For any delivered goods or services, the amount due to the customers that needs to be paid by the business is called account payable. In the balance sheet, the account receivables are shown as liabilities.

To Calculate:

The unknown amount in each of the cases given question.