The Following Unadjusted and Adjusted Trial Balances Were Taken from the Current

question 48

Essay

The following unadjusted and adjusted trial balances were taken from the current year's accounting system for High Point.
In general journal form, present the six adjusting entries that explain the changes in the account balances from the unadjusted to the adjusted trial balance.

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Definitions:

Reimburse

To pay back money to someone which they have spent or lost.

Transportation-In

Costs associated with bringing raw materials to a manufacturing plant or storage location, typically classified as part of the inventory cost on the balance sheet.

NSF Check

A check that cannot be processed because the drawer's account does not have sufficient funds.

Outstanding Checks

Checks that have been written and recorded in the issuer's accounting system but have not yet been cashed or cleared by the bank.