Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. describe at least two typical adjusting entries a

describe at least two typical adjusting entries a service-type business would need to record to...

60.1K

Verified Solution

Question

Accounting

describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the adjusting entries should be an accrual and another a deferral. You may use similar examples as those in your textbook and you may also research other typical adjusting entries for service-type companies. Be sure to address the following questions:

What are the purposes of each of your example adjusting entries?

Why are these adjusting entries required?

What if the company does not record these adjusting entries? Would financial statements be accurate? Why or why not?

Should the adjusting entries described be posted to the general ledger before preparing an adjusted trial balance? Why or why not?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Project L costs $40,055.10, its expected cash inflows are $9,000 per year for 9 years, and...

Basic Math
1.2K views

A mug of beer chilled to 36 degrees, if left in a 72-degree room, will warm...

Advance Math
1.2K views

4) Write a brief reflection of Task 2 and 3 which may include description on data...

Basic Math
1.2K views

Apply the Gauss Seidel method to the given system Take the zero vector as the...

Basic Math
1.2K views

Solve 14x7y= 21 for y.A. y = 14x + 3B. y = 2x - 21C....

Calculus
1.2K views

Find the unit tangent vector T(t) at the point with the given value of the...

Algebra
1.2K views

Find the first four terms of the geometric sequence a 27 r first four terms

Accounting
1.2K views

Explain how setting a lower materiality level affects the number of items that are material...

Accounting
1.2K views

Blackstone Inc. acquired 20% of the outstanding common stock of Hansen Inc. on December 21,...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] O'Brien Company...

Finance
1.2K views

Hercules Exercise Equipment Co. purchased a computerized measuring device two years ago for $74,000. The...

Finance
1.2K views

QUESTION 1 A company is evaluating a new project by discounting the expected cash flows...