The first Month End of your internship is approaching. You've been asked to help with adjusting entries. You are assigned to a small group. Step 1: In your initial post discuss theonetype of adjusting entry:

1. Deferred Expenses
2. Accrued Expenses
3. Deferred Revenues
4. Accrued Revenues

Write an initial 3 paragraph discussion and post it to the discussion board with the following information:

• The subject should be the type of entry you are describing (one of the four types above).
• The company name you are interning with. (You are making this up. What is your dream company to intern with?)
• Describe the type of adjusting entry (one of the four types above) and why your company needs to make it.
• Record the entry in the proper journal entry format (dates, account titles, debit/credit columns, amounts).
• Include any initial entry from the previous period.

Sample initial post: Do Not Copy As a large international accounting firm, KPMG Peat, Marwick would deferred expenses, also called prepaid expenses that they have to account for. If, for example, they purchased office furniture for $150,000 on 6/1, for cash, the would have recorded the following journal entry:

6/1/2020	Office Furniture	150,000
	Cash		150,000

At the end of the year, they would have to depreciate the office furniture. If the depreciation was calculated to be $7,500 for the six months that they owned the furniture, the adjusting entry would be:

12/31/2020	Depreciation Expense	7,500
	Accumulated Depreciation		7,500

After this entry is posted, the book value for the office furniture would be $142,500 (150,000 - 7,500).