Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Content Post a full paragraph consisting of 3 full sentences describing why the adjusting process is needed, how account and amount for adjusting joirnal entries

image text in transcribed
Content Post a full paragraph consisting of 3 full sentences describing why the adjusting process is needed, how account and amount for adjusting joirnal entries (AJE) are determine. Use the following suggestions to guide your post: - Select one type of adjustment you are going to focus your initial post on. Choose from accrued revenues, accrued expenses, unearned revenues, prepaid expenses, and depreciation. - For the adjustment you selected, what account will you debited and what account will you credited and how will the amount debited and credited be determined. Ptease be as specific as possible as if you were teaching a friend on how to properly complete the step. - Comment on how the UTB (Unadjusted Trial Balance) may be used to determine the account and amount on AE. - If you understand the step well, please share what helps you or if you have diffculty understanding the step, please share what you used to overeome your initial diffculties. An example of what may help is to read and study the "Sumenary of Adjusting Process" topic in the book. - Compare and contrast between recording joumal entries (JE) versus adjusting journal entries (AE). For example, both JE and AJE using double-entry accounting system. Each journal entry must have a debit side and credit side and the debit equals credit. In contrast, the cash account may be deblted or credited in a JE. but you will never find the cash account being debited or credited in AJ. The paragraph should contain at least 75 words

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor Practice Exams

Authors: Peter H. Gregory

1st Edition

1260459845, 978-1260459845

More Books

Students also viewed these Accounting questions

Question

Why do mergers and acquisitions have such an impact on employees?

Answered: 1 week ago

Question

2. Describe the functions of communication

Answered: 1 week ago