ZuoTi.Pro
Question

For your main Discussion post, describe at least two typical adjusting entries a service-type business would...

For your main Discussion post, describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the adjusting entries should be an accrual and another a deferral. You may use similar examples as those in your textbook and you may also research other typical adjusting entries for service-type companies. Be sure to address the following questions: What are the purposes of each of your example adjusting entries? Why are these adjusting entries required? What if the company does not record these adjusting entries? Would financial statements be accurate? Why or why not? Should the adjusting entries described be posted to the general ledger before preparing an adjusted trial balance? Why or why not?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

An Swer Given that Acc yual entie entrie thak rePleet of hos e incoMe The accrue d Peri ad tahichis Payable in Sub sceuent DeDale Acount Tite andexPlatioo Deb i Ctgelit Rent exfenie Pr Paid Yent increasca Yent exPense i s an ex Penyes is debi kd Yent

0 0
Add a comment
Know the answer?
Add Answer to:
For your main Discussion post, describe at least two typical adjusting entries a service-type business would...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • (Must Post First) For your main Discussion post, describe at least two typical adjusting entries a...

    (Must Post First) For your main Discussion post, describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the adjusting entries should be an accrual and another a deferral. You may use similar examples as those in your textbook and you may also research other typical adjusting entries for service-type companies. Be sure to address the following questions: • What are the purposes of each of...

  • Describe the two main types of adjusting entries (deferrals and accruals), and give at least 1...

    Describe the two main types of adjusting entries (deferrals and accruals), and give at least 1 example of EACH of the 2 types. (ie, You should have 2 complete journal entries – 1 deferral entry, and 1 accrual entry – Be sure to have a debit account and a credit account with amounts in your entry) . Explain what an Unadjusted Trial Balance is, and the relationship between the Unadjusted Trial Balance, adjusting journal entries, and the Adjusted Trial Balance....

  • For your main Discussion post, list at least one of each transaction related to all of...

    For your main Discussion post, list at least one of each transaction related to all of the following business events: Purchase of goods or services for cash Providing services for cash Providing services on account Purchase of goods or services on account Payment of a previously recorded expense Receipt of a previously recorded revenue earned Be sure to explain your logic in the analysis of your business transactions and do not repeat examples from the textbook. Also, list the type...

  • Discussion: Part One: Using the directional terms in the table from your textbook, describe how you,...

    Discussion: Part One: Using the directional terms in the table from your textbook, describe how you, or someone close by you, is sitting or standing. Include at least 5 of the terms describing body positioning and movement. Then describe the opposite (for example, if you said your foot was plantar flexed, use dorsiflexed) for all of the terms you used, and make a guess whether you would be comfortable in that position. Your response should be posted to the Discussion...

  • Answer all of these, please C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial...

    Answer all of these, please C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] (General Ledger) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31, The trial balance on Januory 1, 2018, follows (the...

  • My company that i did in the last discussion was Target store, please keep this in...

    My company that i did in the last discussion was Target store, please keep this in mind. there is an example below in the last picture. Discussion 2 (part of chapter 3's work) Available on Saturday, September 12, 2020 6:00 AM EDT until Sunday, September 27, 2020 11:59 PM EDT Subscribe We have learned about four types of adjustments: (1) deferred expenses, (2) deferred revenues, (3) accrued revenues, and (4) accrued expenses. Using the same service business that you identified...

  • ASSIGNMENT MATERIAL QUESTIONS 1. Identify the steps in the accounting cycle, distinguish- 13. Why are assets...

    ASSIGNMENT MATERIAL QUESTIONS 1. Identify the steps in the accounting cycle, distinguish- 13. Why are assets classified as current or long terrm ing those that occur during the period from those that are performed at the end of the period what basis are they classified? Where do the classified amounts appear? current 2. Why is the worksheet a valuable accounting tool? 3. Name two advantages the worksheet has over the 14. Indicate which of the following accounts are assets and...

  • for Set B, make a journal entry and fill put the ledger. Practice Set Part A:...

    for Set B, make a journal entry and fill put the ledger. Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the...

  • NEEDED INFORMATION Service Price per hour provided: $96.00 Sales Price per unit of inventory sold: $84.00...

    NEEDED INFORMATION Service Price per hour provided: $96.00 Sales Price per unit of inventory sold: $84.00 Cost per unit of inventory sold: $38.75 Help needed only with (part 6) General ledger & Multi-step Income statement This is the blank format for the general ledger and multi-step income statement Part 2 - General Journal (LO3-2) – Post the following journal entries to the general journal. | Trans.Date Description Dec. Sell 45,000 shares of no-par value common stock for $130,000 to obtain...

  • Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of Decembe...

    Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. A. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT