Stories for balance day adjustments

Question	Answer
Story for Accounts Receivable (paper)	Dr Accounts Receivable $115 Cr Sales/Fees $100 Cr GST $15
Story for Accounts Payable (paper)	Dr expense/asset $600 Dr GST $90 Cr Accounts Payable $690
Accrued Income (income that you are still owed)	Dr Accrued Income $700 Cr Income ( name the income) $700
Prepayments (expenses you have paid in advance)	Dr Prepayments $500 Cr Expenses ( name the expense) $500
Depreciation (value you have lost of an asset over the year)	Dr Depreciation on asset $1000 Cr Accumulated Depreciation on asset $1000
Income in Advance (income you have received before you do the job)	Dr Income/Fees $400 Cr Income in Advance $400
Accrued Expense (expenses that you still owe)	Dr Expense (name the expense) $800 Cr Accrued expense $800

Resource summary

	Created by clodagh.mccullou about 12 years ago