546) must be attempted before attempting any of the following questions. Adjusting entries are required to bring the accounts up to date to reflect the correct account balances before we prepare financial reports. If we use the accrual basis of accounting to calculate profits, the following four types of adjusting entries may be necessary. 1. Prepaid items. Items that are prepaid, such as prepaid insurance or prepaid rent. 2. Unearned items. Items that a customer has paid us for, but we have not provided the product or service. 3. Accrued expenses. Expenses that are incurred but not yet paid or recorded. 4. Accrued revenues. Revenues that have been earned but not yet collected or recorded. For more detailed information about adjusting entries, see Chapter 9. Make adjusting entries for Mookie The Beagle Coach at February 28, 2023, using the following information. 1. ADJ1: One month of liability insurance has expired as of February 28, 2023. 2. ADJ2: A count of office supplies revealed $400 of supplies on hand at February 28,2023. Required: To enter an adjusting entry using the QBO Journal: 1. Select (+) New icon 2. Select Journal Entry to access the onscreen Journal 3. Enter Journal Date: 02/28/2023 4. Enter Journal Number: ADJ 1 5. On Line 1, from the drop-down list of accounts to debit, select Account to Debit 6. Enter Debit Amount 3. Accrued expenses. Expenses that are incurred but not yet paid or recorded. 4. Accrued revenues. Revenues that have been earned but not yet collected or recorded. For more detailed information about adjusting entries, see Chapter 9. Make adjusting entries for Mookie The Beagle Coach at February 28, 2023, using the following information. 1. ADJ1: One month of liability insurance has expired as of February 28,2023. 2. ADJ2: A count of office supplies revealed $400 of supplies on hand at February 28, 2023. 3. ADJ3: On 02/27/2023 Mookie The Beagle Coach invoiced Angel Merriman $900 and recorded sales of $900 for an agility training class for Kuno that will not occur until March. Because we are using the accrual basis, at February 28,2023 , the $900 amount should be recorded as Unearned Revenue since it will not be earned until the month of March Required: To enter an adjusting entry using the QBO Journal: 1. Select (+) New icon 2. Select Journal Entry to access the onscreen Journal 3. Enter Journal Date: 02/28/2023 4. Enter Journal Number: ADJ 1 5. On Line 1, from the drop-down list of accounts to debit, select Account to Debit 6. Enter Debit Amount 7. On Line 2, from the drop-down list of accounts to credit, select Account to Credit 8. Enter Credit Amount 9. Enter Memo 10. Select Save and new 546) must be attempted before attempting any of the following questions. Adjusting entries are required to bring the accounts up to date to reflect the correct account balances before we prepare financial reports. If we use the accrual basis of accounting to calculate profits, the following four types of adjusting entries may be necessary. 1. Prepaid items. Items that are prepaid, such as prepaid insurance or prepaid rent. 2. Unearned items. Items that a customer has paid us for, but we have not provided the product or service. 3. Accrued expenses. Expenses that are incurred but not yet paid or recorded. 4. Accrued revenues. Revenues that have been earned but not yet collected or recorded. For more detailed information about adjusting entries, see Chapter 9. Make adjusting entries for Mookie The Beagle Coach at February 28, 2023, using the following information. 1. ADJ1: One month of liability insurance has expired as of February 28, 2023. 2. ADJ2: A count of office supplies revealed $400 of supplies on hand at February 28,2023. Required: To enter an adjusting entry using the QBO Journal: 1. Select (+) New icon 2. Select Journal Entry to access the onscreen Journal 3. Enter Journal Date: 02/28/2023 4. Enter Journal Number: ADJ 1 5. On Line 1, from the drop-down list of accounts to debit, select Account to Debit 6. Enter Debit Amount 3. Accrued expenses. Expenses that are incurred but not yet paid or recorded. 4. Accrued revenues. Revenues that have been earned but not yet collected or recorded. For more detailed information about adjusting entries, see Chapter 9. Make adjusting entries for Mookie The Beagle Coach at February 28, 2023, using the following information. 1. ADJ1: One month of liability insurance has expired as of February 28,2023. 2. ADJ2: A count of office supplies revealed $400 of supplies on hand at February 28, 2023. 3. ADJ3: On 02/27/2023 Mookie The Beagle Coach invoiced Angel Merriman $900 and recorded sales of $900 for an agility training class for Kuno that will not occur until March. Because we are using the accrual basis, at February 28,2023 , the $900 amount should be recorded as Unearned Revenue since it will not be earned until the month of March Required: To enter an adjusting entry using the QBO Journal: 1. Select (+) New icon 2. Select Journal Entry to access the onscreen Journal 3. Enter Journal Date: 02/28/2023 4. Enter Journal Number: ADJ 1 5. On Line 1, from the drop-down list of accounts to debit, select Account to Debit 6. Enter Debit Amount 7. On Line 2, from the drop-down list of accounts to credit, select Account to Credit 8. Enter Credit Amount 9. Enter Memo 10. Select Save and new