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Adjusting Entries (8 pts) This discussion requires only 1 post. Please post your comments in the following list format: 1. Give an example of an
Adjusting Entries (8 pts) This discussion requires only 1 post. Please post your comments in the following list format: 1. Give an example of an adjusting entry that would be required at the end of an accounting period 2. Identify it as one of the 5 types of adjustments (accrued expense, accrued revenue, prepaid expense, unearned revenue, or depreciation) 3. Identify the account names and types 4. Identify which financial statement each account is reported on 5. Prepare the adjusting entry in good form Post must be submitted by Saturday, Feb 6th no later than 11:55 pm. INSTRUCTOR SAMPLE POST 1. Sammy's Security has performed guard duties for Paula's Purses for the month of August in the amount of $500 but has not yet billed Paula. 2. This is an example of accrued revenue 3. Fees Earned is a revenue account and Accounts Receivable (A/R) is an asset account 4. Fees Eamed goes on the Income Statement and A/R goes on the Balance Sheet 5. Adjusting entry: Account Aug 31, 2020 Accounts Receivable 500 Fees Earned 500 Date DR CR
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