Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. learn about adjusting entries. these are internal

learn about Adjusting Entries. These are internal transactions that are required to make sure that...

90.2K

Verified Solution

Question

Accounting

learn about Adjusting Entries. These are internal transactions that are required to make sure that all of the revenue and expenses are accurately recorded in the accounting period. They're also important so that our amounts recorded in the Balance Sheet are correct.

There are four categories of Adjusting Entries: Prepaid Expenses (including Depreciation), Unearned Revenue, Accrued Expenses and Accrued Revenue. Within each of these categories, there are a lot of examples that we could show.

For this graded discussion, please choose one category of Adjusting Entries. Within that category, choose one example of an adjusting entry that you might make in a company.

---Please describe why this adjusting entry needs to be made.

---Please describe the accounts that are affected by making the adjusting entry.

----Please describe the impact this adjusting entry has on the Income Statement and the Balance Sheet.

---Which adjusting entry do you think will be most prone to error? It does not have to be the example you chose.

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

Basic Math
1.2K views

The following table provides the number of men infected with HIV in San Francisco from 1982...

Advance Math
1.2K views

Let T = (V,E) be a tree, and letr, r′ ∈ V be any two...

Chemistry
1.2K views

Calculate the change in ph when 0.24 mol H+ is added to 1.00 L of each...

Mechanical Engineering
1.2K views

Describe the difference between spectral and total blackbody emissive power.

Physics
1.2K views

A nucleus with A 240 has a binding energy of 7 5 MeV per nucleon...

Physics
1.2K views

Two conductors of same length and area of cross section are connected in series as...

Basic Math
1.2K views

Match the appropriate word from the Word Bank to the correct scenario Foreign Aid Work...

Algebra
1.2K views

The Harringtons go to a restaurant for lunch and their bill is $86.20. After 6.5%...

Accounting
1.2K views

The Polaris Company uses a job order costing system. The following transactions occurred in October...

Accounting
1.2K views

which of the following is a false statement as it relates to the auditors or...

Accounting
1.2K views

Date Account Titles and Explanation Dec. 31 Prepaid Insurance Cash Debit (To record insurance used)...

Accounting
1.2K views

Lance contributed investment property worth $522,500, purchased Three years ago for $262,500 cash, to Cloud...