Step 26 of 40: Adjustment 2
This step illustrates how to make an Adjustment to an existing worksheet by changing the reference on a cell to a different worksheet.
Written description of the slides
In Step 26, you’re going to reference cell B4 on the Assumptions worksheet instead of referencing a cell on the same worksheet. The adjustment steps are designed to reinforce concepts covered previously in the assignment.
Record an adjustment to the General Journal to recognize the Interest Revenue that has been earned during this accounting period. Record an adjustment to the General Journal by multiplying the Notes Receivable account balance by the interest rate in cell B4 on the Assumptions worksheet and then divide by 4 to compute the Interest Revenue for the fourth quarter.
TIP: The interest rates and percentages shown here may differ from what appears in your workbook.
NOTE: The debit and credit amounts should be derived by formulas that utilize cell references. You will only receive partial credit if you type amounts into the cells or formula instead of referencing the corresponding worksheet cells.
Steps labeled YOUR TURN are reinforcing steps that present opportunities to apply concepts covered earlier in the assignment.
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Be sure to listen to the audio portion of the video as you work through the assignment. The presenter elaborates further on what is being presented on screen and will offer tips.