Provide two adjusting entry examples

Assignment Help Accounting Basics
Reference no: EM131139168

Accounting

Primary Task Response: Within the Discussion Board area, write 300-400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

In this assignment you will do the following:

• This week adjusting entries are discussed. In your post answer the following questions:

o What is an adjusting entry?
o Why is an adjusting entry important?
o What accounts are adjusted and what accounts are not adjusted? Why?
o Provide two adjusting entry examples.
o What do you find difficult about adjusting entries? What is difficult to understand?

Reference no: EM131139168

Questions Cloud

What are the major changes that occur during adolescence : Describe what infants are like who have a secure attachment to their caregiver (parent). What role does that parent play in promoting that type of attachment, according to John Bowlby? Which parenting style leads to a child's having a positive s..
What were the solutions used to address the problem : What were the solutions used to address the problem? Was the case you described a special-cause or common-cause? Do you feel the solution or approach used appropriate for the cause?
Calculate the percentage change in us real minimum wages : Calculate the percentage change in U.s real minimum wages between 1957 and 2012: {_____}% rounded two decimal places.
How should ticket prices be set to maximize revenue : A baseball team plays in a stadium that holds 51,000 spectators. With tickets process at $10, the average attendance has been 49,000. How should ticket prices be set to maximize revenue
Provide two adjusting entry examples : Why is an adjusting entry important? What accounts are adjusted and what accounts are not adjusted? Why? Provide two adjusting entry examples. What do you find difficult about adjusting entries? What is difficult to understand?
Derive the consumption growth rate in the optimal growth : Verify that Theorem 7.14 from Chapter 7 can be applied to the social planner's problem in Section 13.1.
Discuss the impact of adopting ifrs reporting on accounting : From the e-Activity, discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments. Then, recommend a strategy for companies adopting IFRS to minimize the impact of the accounting treatment.
What is the real gdp in 2009 : Consider the following simple economy the produces only three goods - 2000(base Year) / 2009 - what is the Real GDP in 2009.
Analyze the debt-to-equity ratio of harley-davidson : Analyze the debt-to-equity ratio of Harley-Davidson for 2008 and 2009, and discuss the impact these ratios had on the market value of the company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  In addition holyfield contacted greeley corporation a

holyfield corporation wishes to exchange a machine used in its operations. holyfield has received the following offers

  Which statements is an accurate description of var

Worse-than-VAR scenarios are defined as scenarios that lead to losses in the extreme left tail of the return distribution equal to or exceeding VAR at a given level of confidence. Which of the following statements is an accurate description of VAR..

  Identify and define the three characteristics of an asset

Identify and define the three characteristics of an asset that must be established to determine periodic depreciation, depletion, or amortization.

  What should robertson record as an impairment loss

Calculate the depreciation expense by each of the following methods, showing the figures used - what should Robertson record as an impairment loss on July 1, 2012?

  Prepare a journal entry to correct the errors

Determine the correct December 31, 2011, inventory balance and, assuming that the errors were discovered after the 2011 financial statements were issued, analyze the effect of the errors on 2011 cost of goods sold, net income, and retained earnings. ..

  Why are noncash transactions such as the exchange of

why are noncash transactions such as the exchange of common stock for a building for example included on a statement of

  Prepare the journal entry to record the accrual of interest

Prepare the journal entry to record the payment of interest on July 1, assuming that interest was not accrued on June 30.

  Shares of common stock with a par value

13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildin..

  Prepare shannons 2010 journal entry to record

Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2010. The increase in the prior year's income before taxes is $1,200,000.

  Lopar company uses a predetermined overhead rate based on

lopar company uses a predetermined overhead rate based on direct labor dollars. lopar company estimated that its 20x9

  Packo company acquired all the voting stock of sennett

packo company acquired all the voting stock of sennett corporation on january 1 2010 for 90000 when sennett had capital

  What is the advantage of using historical cost

What is the advantage of using historical cost on the balance sheet for property, plant and equipment?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd