Perry Corporation GENERAL JOURNAL Date Accounts Debit Credit AJE 1 The accountant completed the depreciation schedule that showed total depreciation expense of $10,520 for the year The depreciation expense account already has a balance of $8,500 Record the remaining depreciation expense for the year Dec 31 AJE 2 Commissions for December of $22,000 will be paid to Perry's sales staff on January 5 of next year The commissions payable account has a zero balance Record commission expense for December AJE 3 The company loaned $20,000 to a customer on July 1 for one year at 8 interest The customer will pay the principal and interest on the loan on June 30 of next year No interest in connection with this loan has been recorded Record interest expense for the year Calculate interest by taking loan amount rate 2 (calculating for July December, ie of a year) AJE 4 On July 1 Perry paid an entire year's rent of $14,000 for a warehouse, which the bookkeeper recorded as Prepaid Rent Record rent expense for the year Q2 Review the adjusting journal entries (AJEs) above Identify each journal entry account as either a balance sheet account or an income statement account In total there are ( 3 4 5 ) balance sheet accounts and ( 3 4 5 ) income statement accounts Each AJE includes (1 2 3 ) balance sheet account and (1 2 3 ) income statement account and ( always sometimes never) includes the cash account

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Perry Corporation GENERAL JOURNAL Date Accounts Debit Credit AJE #1 The accountant completed the depreciation schedule that showed total depreciation expense of $10,520 for the

Perry Corporation GENERAL JOURNAL
Date	Accounts	Debit	Credit
AJE #1 The accountant completed the depreciation schedule that showed total depreciation expense of $10,520 for the year. The depreciation expense account already has a balance of $8,500. Record the remaining depreciation expense for the year.
Dec 31

AJE #2 Commissions for December of $22,000 will be paid to Perry's sales staff on January 5 of next year. The commissions payable account has a zero balance. Record commission expense for December.


AJE #3 The company loaned $20,000 to a customer on July 1 for one year at 8% interest. The customer will pay the principal and interest on the loan on June 30 of next year. No interest in connection with this loan has been recorded. Record interest expense for the year. Calculate interest by taking loan amount * rate / 2 (calculating for July-December, ie. of a year)


AJE #4 On July 1 Perry paid an entire year's rent of $14,000 for a warehouse, which the bookkeeper recorded as Prepaid Rent. Record rent expense for the year.

Q2 Review the adjusting journal entries (AJEs) above. Identify each journal entry account as either a balance sheet account or an income statement account. In total there are (3 / 4 / 5) balance sheet accounts and (3 / 4 / 5) income statement accounts. Each AJE includes (1 / 2 / 3) balance sheet account and (1 / 2 / 3) income statement account and (always / sometimes /never) includes the cash account.