balance day adjustments

Question 1

accrued expense

Answer 1

wages (or interest expense) dr
accrued expenses cr

Question 2

prepayment

Answer 2

prepayment dr
expense name cr

Question 3

accrued income

Answer 3

accrued income dr
interest received or dividends cr

Question 4

income in advance

Answer 4

income name dr
income in advance cr

Question 5

accounts receivable

Answer 5

accounts receivable dr
gst cr
sales or fees for recieved cr

cost of goods sold dr
inventory cr

Question 6

accounts payable

Answer 6

assest name/expense name dr
gst dr
accounts payable cr

Question 7

depreciation

Answer 7

depreciation on … dr
accumulated depreciation on … cr

Question 8

bad debts

Answer 8

bad debt dr
gst dr
accounts receivable cr

Question 9

doubtful debts

Answer 9

doubtful debts dr
allowance for doubtful debts cr

Question 10

inventory revaluation

Answer 10

cost of goods sold dr
inventory cr

Question 11

closing the profit for the year

Answer 11

income summary YYY
capital YYY

Question 12

closing drawings

Answer 12

capital zz
drawings zz