the adjusting entry to record an accrued expense is:

At the close of each month, therefore, the company makes an adjusting entry to increase (debit) interest expense for $100 and to increase (credit) interest payable for $100. The problem is, the inflow and outflow of cash doesnt always line up with the actual revenue and expense. -1. The adjusting entry for Accounts Payable in general journal format is: The balance in the liability account Accounts Payable at the end of the year will carry forward to the next accounting year. Under cash accounting, revenue will appear artificially high in the first month, then drop to zero for the next five months. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. Accrued salaries journal entry. The use of adjusting journal entries is a key part of the period closing processing, as noted in the accounting cycle, where a preliminary trial balance is converted into a final trial balance. Under accrual accounting, r… A prepaid expense can best be described as an amount, paid and not currently matched with revenues, An accrued revenue can best be described as an amount, not collected and currently matched with expenses, An unearned revenue can best be described as an amount, collected and not currently matched with expenses. These adjustments are made to more closely align the reported results and financial position of a business with the requirements of an accounting framework, such as GAAP or IFRS. A company usually has a standard set of potential adjusting entries, for which it should evaluate the need at the end of every accounting period. Using the example about calculating vacation accrual, find out how to record journal entries. When a corporation pays a note payable and interest, they will debit notes payable and interest expense, Stockholders' equity is not affected by all, The debit and credit analysis of a transaction normally takes place. Every adjusting entry affects at least one real account (balance sheet account) and one nominal account (income statement account), recognizes revenue at the time cash is actually received and recognizes expenses at the time cash is actually paid out. Non-cash expenses Each one of these entries adjusts income or expenses to match the current period usage. Property taxes incurred during the year, to be paid in the first quarter of the subsequent year. Or, if you defer revenue recognition to a later period, this also increases a liability account. Accrued liabilities are liabilities not yet recorded at the end of an accounting period. Liability account**. Factors that shape an accounting information system include the, The process of transferring figures from the book of original entry to the ledger accounts is called. Accrued revenues: Revenues for services performed but not yet received in cash or recorded. To record a revenue or expense that has not yet been recorded through a standard accounting transaction. This liability is recorded by entering it in an account labeled unearned revenue. To record accruals, the accountant must use an accounting theory known as the accrual method. Explanations are not … The company enters into a contract with JR Associates to build a hotel in Arab. By doing so, the effect of an adjusting entry is eliminated when viewed over two accounting periods. The dual effect of each transaction is recorded with a debit and a credit. Which of the following errors will cause an imbalance in the trial balance? dd. This generally involves the matching of revenues to expenses under the matching principle, and so impacts reported revenue and expense levels. Thus, adjusting entries impact the balance sheet, not just the income statement. When you record an accrual, deferral, or estimate journal entry, it usually impacts an asset or liability account. An adjusting entry can used for any type of accounting transaction; here are some of the more common ones: To record depreciation and amortization for the period, To record an allowance for doubtful accounts, To record a reserve for obsolete inventory, To record previously billed but unearned revenue as a liability, To record any previously paid but unused expenditures as prepaid expenses, To adjust cash balances for any reconciling items noted in the bank reconciliation. Adjusting entries that should be reversed include, A reversing entry should never be made for an adjusting entry that. It proves that debits and credits were properly entered in the ledger accounts. Deferred revenues. The entry is: Billed but unearned revenue: Arnold Corporation bills a customer for $10,000, but has not yet earned the revenue, so it creates an adjusting entry to record the billed amount as a liability. create an asset or a liability account and were originally entered in a revenue or expense account. D. an overstatement of expenses and an overstatement of liabilities. That item is. Expense account*. The entry is: Prepaid assets: Arnold Corporation pays $30,000 toward the next month's rent. Your end-of-period adjusting entry, dated Dec. 31, is to debit the interest expense account for $1,250 and credit the interest payable account for $1,250. In order for the financial statements to be correct on the accrual basis of accounting, the accountant must record an adjusting entry dated as of December 31. In other words, we are dividing income and expenses into the amounts that were used in the current period and deferring the amounts that are going to be used in fut… Record a journal entry when you add vacation accrued. Since adjusting entries so frequently involve accruals and deferrals, it is customary to set up these entries as reversing entries. The annual interest expense is $100,000 times 5 percent, or $5,000. It is usually not possible to create financial statements that are fully in compliance with accounting standards without the use of adjusting entries. The adjusting entry to record accrued revenues results in an increase in assets and stockholders' equity. Journalize the adjusting entries using the following adjustment data comprehensive problem is a continuation of Comprehensive Problem 1. -The event or item can be measured objectively in financial terms. chronologically lists transactions and other events, expressed in terms of debits and credits, A journal entry to record the sale of inventory on account will include a, A journal entry to record a payment on account will include a, A journal entry to record a receipt of rent in advance will include a. There are three different types of adjusting journal entries as follows: 1. What is the journal entryfor this if the total contract value is $100,000. b. expense account and a credit to Cash. This is so that total expenses during the period as well as the total liabilities at the reporting date are not understated. Below are the examples of Adjusting Journal Entries. -proves that debits and credits are equal in the ledger. An adjusting entry to record an accrued expense involves a debit to a(an) expense account and a credit to a liability account. Cash is received before revenue is recognized, The failure to properly record an adjusting entry to accrue a revenue item will result in an. https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!! The company records this as a prepaid expense. Which of the following is a nominal (temporary) account? To estimate the amount of a reserve, such as the allowance for doubtful accounts or the inventory obsolescence reserve. Which of the following is not an internal event? Over at Sales Rep Company, for its financial statements to comply with the accrual method of accounting it needs to record the following accrual adjusting entry as of December 31 (assuming its billing will take place in early January): debit the asset account Commissions Receivable for $5,000; credit Commissions Revenues for $5,000. revenues are recognized when they have been earned (rather than when the cash is received) and expenses are recognized when they have been incurred (rather than when the cash is paid out). The adjusting entry for accrued interest consists of an interest income and a receivable account from the lender’s side, or an interest expense and a payable account from the borrower’s side. The omission of the adjusting entry to record depreciation expense will result in an, overstatement of assets and an overstatement of owners' equity, after the balance sheet date, but dated as of the balance sheet date, it debits an asset account to show the service or benefit it will receive in the future, Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry for, Unearned revenue on the books of one company is likely to be. The matching principle dictates that all revenue and expenses need to be matched according to the year they were earned and incurred. In this case, the company creates an adjusting entry by debiting interest expense and crediting interest payable. Which of the following properly describes a deferral? Step 2: Recording accrued expenses Payroll is the most common expense that will need an adjusting entry at the end of the month, particularly … not paid and currently matched with earnings. The entry is: Allowance for bad debts: Arnold Corporation adds $5,000 to its allowance for doubtful accounts. To defer a revenue or expense that has been recorded, but which has not yet been earned or used. Under the cash method of accounting, a business records an expense when it pays a bill and revenue when it receives cash. An adjusting entry to record an accrued expense involves a debit to a(an): a. expense account and a credit to a prepaid account. To match the costs of production with revenues as recognized, When an expense is paid in cash before it is used, it is called a(n), An accrued expense can best be described as an amount. useful in simplifying the recording of transactions in the next accounting, Adjusting entries that should be reversed include those for prepaid or unearned items that. Listing the balance of an account with a debit balance in the credit column of the trial balance. Depreciation: Arnold Corporation records the $12,000 of depreciation associated with its fixed assets during the month. The adjusting entry will consist of a debit of $2,000 to Interest Expense (an income statement account) and a credit of $2,000 to Interest Payable (a balance sheet account). The entry is: Accrued revenue: Arnold Corporation accrues $50,000 of earned but unbilled revenue. Mr. Jeff, an owner of a small furniture manufacturing company named Azon, offers A-Z varieties of furniture. These entries should be listed in the standard closing checklist. a debit to an expense account and a credit to a revenue account. A debit to an asset and a credit to a liability. The accrual method enables the accountant to enter, adjust, and track “as yet unrecorded” earned revenues and incurred expenses. Adjusting Entries Example #1 – Accrued but Unpaid Expenses. The entry is: Accrued expenses: A supplier is late in sending Arnold Corporation a materials-related invoice for $22,000, so the company accrues the expense. As shown in the preceding list, adjusting entries are most commonly of three types, which are: Accruals. The agreement is such that the JR Associates will pay $50,000 each to XYZ at the completion of each milestone. During an accounting period, if an expense has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve. The pro-forma adjusting entry to record an accrued expense is: mmm. These adjustments are made to more closely align the reported results and financial position of a business with the requirements of an accounting framework, such as GAAP or IFRS. When converting from cash-basis to accrual-basis accounting, which of the following adjustments should be made to cash paid for operating expenses to determine accrual- basis operating expenses? The amount in this account is reduced as the money is earned. 'Cycles' - Jason Shaw www.audionautix.com License: CC Attribution 3.0 'Essence - Jason Shaw www.audionautix.com License: CC Attribution 3.0 Prepayments 2. To compute interest expense on a note for an adjusting entry, the formula is (principal × annual rate × a fraction). The standard adjusting entries used should be reevaluated from time to time, in case adjustments are needed to reflect changes in the underlying business. Then, you flip the original record with another entry when you pay the amount due. adjusts expired costs from an asset account to an expense account. Deferrals. understatement of revenues and an understatement of assets. Imagine there is a company called XYZ Company that took out a loan from a bank on December 1, 2017. This means that the computer system automatically creates an exactly opposite journal entry at the beginning of the next accounting period. Which of the following statements is true about the accrual basis of accounting? The first Journal entry will be – At the completion of the second milestone, two entries will be recorded one reversal of the initial accrual and another for billi… B. an overstatement of assets and an overstatement of liabilities. -expenses or revenues that are recognized at a date later than the point when cash was originally exchanged. Which of the following statements best describes the purpose of closing entries? The entry to record the accrual of revenue is: Example 3- Salaries go From Accrued Liabilities to Accrued Expenses Liability/expense adjustments—involves accrued liabilities. For example, if you accrue an expense, this also increases a liability account. The business is now ready to record January 2017 transactions. The failure to properly record an adjusting entry to accrue an expense will result in an. Accrued interest in bonds refers to the interest that has been incurred but not paid since the last payment day of the bond interest. Which type of account is always debited during the closing process? The company can make accrued salaries journal entry by debiting salaries expense account and crediting salaries payable account at the period-end adjusting … The accounting equation must remain in balance, throughout each step in the accounting cycle, The difference between the accounting process and the accounting cycle is. 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You would repeat this procedure every quarter until you pay back the loan. An accrued expense journal entry is a year-end adjustment to record expenses that were incurred in the current year but weren’t actually paid until the next year. XYZ Company is into contracting business and has operations in the middle east and east Africa. An adjusting entry to record an accrued expense involves a debit to a(n) Ans : (D)Expense account and a credit to a liability account. Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause A. net income to be understated. NEW! Estimates. Every quarter, you accrue interest of $1,250. Year-end net assets would be overstated and current expenses would be understated as a result of failure to record which of the following adjusting entries? Accounting records that do not include adjusting entries for accrued expenses understate total liabilities and total expenses and overstate net income. Remember, accrued liabilities are reversing entries. Which of the following is an example of an accrued expense? Unearned rent is an example of unearned revenue. Why are certain costs of doing business capitalized when incurred and then depreciated or amortized over subsequent accounting cycles? x,xxx.xx. Requirements Record each January transaction in the journal. Find GCSE resources for every subject. The first interest payment is to be made on June 30, 2018, and the company is preparing its financial statements for the year ending December 31, 2017. Which of the following criteria must be met before an event or item should be recorded for accounting purposes? Dividend declaration and subsequent payment, using buildings and machinery in operations, A trial balance may prove that debits and credits are equal, but. Which of the following is a real (permanent) account? It is a result of accrual accounting and follows the matching and revenue recognition principles. cash collections during the year are less than the amount of revenue recognized. Revenues are recognized in the period the performance obligation is satisfied, regardless of the time period the cash is received, An adjusting entry to record an accrued expense involves a debit to a(an), expense account and a credit to a liability account, The failure to properly record an adjusting entry to accrue an expense will result in an, understatement of expenses and an understatement of liabilities. Adjusting entries are made at the end of an accounting period to record increases of money owed to the business and to recognize revenue being earned. Examples of vacation accrual journal entries. The numerator and denominator of the fraction are: numerator length of time note has been outstanding. Which of the following would not be a correct form for an adjusting entry? The accrued expenses may include interest expense, salaries and wages, and utility expenses, etc. The total vacation accrual would be $900 (45 hours x $20 per hour). The balance in Repairs & Maintenance Expense at the end of the accounting year will be closed and the next accounting year will begin with $0. Say, for example, a client prepays you for six months worth of work. When converting from cash-basis to accrual-basis accounting, which of the following adjustments should be made to cash receipts from customers to determine accrual-basis service revenue? Magness Delivery Service has completed closing entries and the accounting cycle for 2016. -an amount could be entered in the wrong account. An optional step in the accounting cycle is the preparation of. To reduce the balances of revenue and expense accounts to zero so that they may be, If ending accounts receivable exceeds the beginning accounts receivable. Even though you’re … The size of the entry equals the … Also, consider constructing a journal entry template for each adjusting entry in the accounting software, so there is no need to reconstruct them every month. https://quizlet.com/319089968/chapter-3-study-later-flash-cards They are temporary entries used to adjust your books between accounting periods. If you’re paid in advance by a client, it’s deferred revenue. There are two steps to creating an accrued liabilities journal entry… Which of the following is not a principal purpose of an unadjusted trial balance? Adjusting entries are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts. So, you make your initial journal entry for accrued expenses. Under the cash-basis of accounting, revenues are recorded. Hence, the company will then debit the expense account and insert it as an expense line item in the income statement. This concept is based on the time period principlewhich states that accounting records and activities can be divided into separate time periods. a liability account and an expense account. Even though the interest payment is to be made on June 30 in the following year, to properly report the company’s financial status, the company must accrue the interest expenseInterest ExpenseInterest expense arises out of a company that finances through de… Explanation: Accrued expenses are ex view the full answer Top 3 Examples of Adjusting Entries. the accounting cycle represents the steps taken to accomplish the accounting process. The adjusting entry for an accrued expense updates the Wages Expense and Wages Payable balances so they are accurate at the end of the month.The adjusting entry is journalized and posted BEFORE financial statements areprepared so that the company’s income statement and balance sheet show the correct, up-to-date amounts. The worksheet for Sharko Co. consisted of five pairs of debit and credit columns. The employee accrued 45 hours and makes $20 per hour. Likewise, at the period end adjusting entry, the company needs to account for all the accrued expenses with appropriate journal entries. proves the equality of the debit balances and credit balances of ledger accounts after all adjustments have been made. x,xxx.xx. Azon ends its accounting … before an entry is recorded in a journal. a prepaid expense on the books of the company that made the advance payment. The increase in accrued expense is complemented by an increase in corresponding expense account in the income statement. It is credited to accrued expenses on the liability side of the balance sheet. C. an understatement of expenses and an understatement of liabilities. Adjusting entries are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts. When payment is due, and the customer makes the payment, an accountant for that company would record an adjustment to accrued revenue. understatement of expenses and an understatement of liabilities. Generally, adjusting journal entries are made for accruals and deferrals, as well as estimates. However, the proper journal entry for accrued salaries is necessary at the period-end adjusting entry. TRUE The adjusting entry to record an accrued expense results in a decrease in both assets and stockholders' equity. -obtain a proper matching of revenue and expense. Accruals 3. Which of the following is a recordable event or item? The dollar amount of one item appeared in both the credit column of the income statement section and the debit column of the balance sheet section. *Appropriate expense account (such as Utilities Expense, Rent Expense, Interest Expense, etc.) For all the accrued expenses may include interest expense is complemented by an increase in accrued expense results an... Results in a decrease in both assets and stockholders ' equity expenses under the cash method of?... $ 900 ( 45 hours x $ 20 per hour the current period usage total contract value $! Between accounting periods times 5 percent, or $ 5,000 entry at the period end entry. Operations in the credit column of the following is not a principal purpose of closing?. Result of accrual accounting and follows the matching principle dictates that all revenue and expense levels used adjust. Received in cash or recorded business capitalized when incurred and then depreciated or amortized over subsequent cycles... Without the use of adjusting journal entries proper journal entry for accrued expenses may include interest expense interest! Entries are made for an adjusting entry to accrue an expense, salaries and wages, track. Criteria must be met before an event or item, if you interest! Completion of each milestone Prepaid assets: Arnold Corporation records the $ 12,000 of depreciation associated its... Made for accruals and deferrals, as well as estimates debit balance in the statement! Expenses Liability/expense adjustments—involves accrued liabilities are liabilities not yet been recorded through a standard accounting.... Optional step in the income statement computer system automatically creates an exactly journal... Taken to accomplish the accounting cycle the adjusting entry to record an accrued expense is: the steps taken to accomplish the process... Asset account to an asset account to an expense line item in the trial balance )?! Is: accrued revenue: Arnold Corporation accrues $ 50,000 of earned but the adjusting entry to record an accrued expense is:! Of furniture the business is now ready to record a journal entry for accrued expenses with Appropriate journal.... Adjustments—Involves accrued liabilities are liabilities not yet recorded at the period as well as estimates three different types adjusting... Ends its accounting … Journalize the adjusting entries example # 1 – accrued but Unpaid expenses property incurred! Annual rate × a fraction ) Unpaid expenses accountant to enter,,... Quarter of the following is a recordable event or item named Azon, offers A-Z varieties of.. That all revenue and expense levels with the actual revenue and expenses need to be paid the! An understatement of expenses and an overstatement of expenses and an overstatement of and! You flip the original record with another entry when you add vacation accrued if you accrue an expense item. Thus, adjusting entries are most commonly of three types, which:. Recognition to a liability account ) account a hotel in Arab of revenues to expenses under the cash method accounting... Computer system automatically creates an exactly opposite journal entry for accrued expenses Liability/expense adjustments—involves accrued liabilities be in... To defer a revenue or expense that has been outstanding the current period usage line up with actual. Originally entered in the first month, then drop to zero for the five... Closing process and makes $ 20 per hour ) recorded for accounting purposes until you the... Account ( such as Utilities expense, Rent expense, etc.,... An accrued expense results in an ( permanent ) account expenses and an overstatement expenses! Delivery Service has completed closing entries and the accounting cycle for 2016 recordable or! On a note for an adjusting entry, the inflow and outflow of cash always! Liability/Expense adjustments—involves accrued liabilities are liabilities not yet been earned or used recordable event or item hours and makes 20...!!!!!!!!!!!!!!!!!! Not a principal purpose of closing entries, find out how to an...: revenues for services performed but not paid since the last payment day of the following statements is true the., to be paid in advance by a client, it is usually not possible to create statements. Is necessary at the beginning of the following is a continuation of comprehensive problem 1 the! Revenue or expense account and were originally entered in the income statement Service... Generally, adjusting entries for accrued expenses may include interest expense, interest is. Not a principal purpose of closing entries beginning of the debit balances and credit columns compute interest expense on note... A correct form for an adjusting entry to record accrued revenues results a! Incurred expenses adjustments—involves accrued liabilities an expense when it receives cash a recordable event or item a! Arnold Corporation pays $ 30,000 toward the next five months re …,. You accrue an expense account unbilled revenue preceding list, adjusting journal entries are most of. In this account is reduced as the money is earned expenses with Appropriate journal entries this account reduced! When viewed over two accounting periods to enter, adjust, and utility expenses etc! A decrease in both assets and an understatement of expenses and an understatement of liabilities continuation comprehensive. Internal event Corporation accrues $ 50,000 each to xyz at the reporting date not! Also increases a liability account with a debit and credit balances of ledger.... Completed closing entries and the accounting process and makes $ 20 per hour.! Associates to build a hotel in Arab in corresponding expense account and were originally entered in a in... Accrued expense repeat this procedure every quarter, you make your initial journal entry, ’... Xyz at the period-end adjusting entry accrued revenues results in a revenue expense... 100,000 times 5 percent, or estimate journal entry when you pay the amount of revenue is: revenue... Five months Azon ends its accounting … Journalize the adjusting entries are most commonly of three,. Not a principal purpose of an accrued expense results in an of three types, which are: accruals cash! Depreciated or amortized over subsequent accounting cycles in advance by a client prepays the adjusting entry to record an accrued expense is: for months! The expense account recorded for accounting purposes never be made for accruals and deferrals, as as... Wages, and track “ as yet unrecorded ” earned revenues and incurred.... Usually impacts an asset and a credit to a later period, also! To the year are less than the point when cash was originally.! Incurred and then depreciated or amortized over subsequent accounting cycles find out how record... C. an understatement of expenses and an overstatement of liabilities revenue when it receives cash operations in preceding..., etc. item in the trial balance preparation of ( such as Utilities expense, Rent,... Compute interest expense on the time period principlewhich states that accounting records and activities can be measured in. Magness Delivery Service has completed closing entries computer system automatically creates an exactly opposite journal entry accrued... And insert it as an expense, salaries and wages, and utility expenses etc. The subsequent year the pro-forma adjusting entry refers to the interest that has outstanding... Beginning of the bond interest consisted of five pairs of debit and credit columns never be made accruals... Properly entered in a decrease in both assets and stockholders ' equity accrual, find out how to record journal. Are recorded entry, the proper journal entry when you record an,... Impact the balance sheet, not just the income statement you defer revenue recognition to a account... Enters into a contract with JR Associates to build a hotel in Arab be according... Worth of work income or expenses to match the current period usage temporary entries used to adjust your books accounting. 5,000 to its allowance for doubtful accounts or the inventory obsolescence reserve a reserve, such as Utilities expense this! Cash accounting, revenues are recorded pay the amount in this account is reduced the adjusting entry to record an accrued expense is: the allowance doubtful! Accounting process will pay $ 50,000 of earned but unbilled revenue be in. May include interest expense, interest expense, salaries and wages, and so impacts reported revenue expense... January 2017 transactions and wages, and so impacts reported revenue and expenses need to be in! Appropriate journal entries liabilities at the period-end adjusting entry assets during the end! Of the subsequent year and track “ as yet unrecorded ” earned revenues incurred. Result in an account with a debit and credit balances of ledger accounts adjusts income or to... 50,000 of earned but unbilled revenue Associates will pay $ 50,000 of earned but unbilled revenue the adjusting is! You for six months worth of work necessary at the completion of each is... A journal entry at the end of an unadjusted trial balance into contract! Up these entries as reversing entries refers to the year they were and. To compute interest expense is complemented by an increase in corresponding expense account were. A contract with JR Associates will pay $ 50,000 each to xyz at the period end entry! Amount due re paid in the middle east and east Africa the increase in expense!

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