• Mentor an Accounting Clerk
    entries are necessary. Next, I will describe the 4 types of adjusting entries and provide a manufacturing industry example of each. Then, describe how these entries would be recorded in a computerized accounting system. Lastly, I will describe two ethical issues that could result from the...
    Premium 893 Words 4 Pages
  • Accounting Cycle
    accounting. (NetMBA, 2002-2012) Adjusting entries ensures that at any specific point in time that balance sheets are current with the accounts. Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. Prepaid expenses are a cash payment that is recorded as an...
    Premium 330 Words 2 Pages
  • Principles of Accounting
    entry on record. 2. Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. Accrued expenses are expenses that have not been paid but not record here is an example: Dell company borrowed $300, 000 on December 1. And an agreement was to be paid on March 15 along...
    Premium 377 Words 2 Pages
  • Principles of Accounting I
    recognized monthly.”1 Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. “Converting assets to expenses: A cash expenditure (or cost) that will benefit more than one accounting period is usually recorded by debiting an asset account (for example...
    Premium 1046 Words 5 Pages
  • Job Costing
    each unit to be calculated separately. The term ‘job’ thus relates to each unique unit or batch of output. Job costing systems are used in industries that provide customized products or services. For example, accounting firms provide customized services to the clients with each client requiring...
    Premium 4137 Words 17 Pages
  • financial accounting
    transaction was recorded. “other” adjusting entry to record estimated credit losses: debit Bad Debts Expense and credit Allowance for Doubtful Accounts. The adjusting entry for Depreciation (debit Depreciation Expense and credit Accumulated Depreciation) is often categorized as an “other” type of...
    Premium 6109 Words 25 Pages
  • Accounting
    mentor an accounting clerk who is new to my accounting department. I will be explaining why adjusting entries are necessary, also I will be describing the four types of adjusting entries, and provide a manufacturing industry example of each and describing how these entries would be recorded in a...
    Premium 751 Words 4 Pages
  • Principles of Accounting - Paper
    , since this is what will be going over. The handout details why adjusting entries are necessary. It will describe the four types of adjusting entries, and provide a manufacturing industry example of each. The handout will also describe how entries would be recorded in our computerized accounting...
    Premium 863 Words 4 Pages
  • Accounting Cliff
    in this order: 1. Current assets 2. Fixed assets and contra assets 3. Current liabilities END-OF-PERIOD ADJUSTING ENTRIES 21 4. 5. 6. 7. 8. Long-term liabilities Owners’ capital Contra capital Sales revenue Expenses The objective is to confirm that the sum of all debit-balanced...
    Premium 17066 Words 69 Pages
  • Marketing Concepts
    find a McDonalds food outlet in the most populated areas but these outlets are easily accessible. 4. McDonalds has always been engaged in different promotional schemes, examples of which are the Happy meals, ad campaigns, various toys with meals etc. 5. Respect for different customs and...
    Premium 1629 Words 7 Pages
  • Mentoring an Accoutning Clerk
    or services that are paid for up-front or expenses that are paid in cash, and they are recorded as assets prior to how it has been used” (college-cram.com, 2011). Therefore, those were the four type of adjusting entries but for better understanding of each I am going to give you examples of each...
    Premium 1670 Words 7 Pages
  • Accounting for Business Decisions A Full Notes
    recorded each month, as a portion of the $3,000 payment expires. Remember that the amount of a prepaid asset that has expired is an expense. Other examples of prepaid expenses are supplies, insurance, and, sometimes, advertising. The adjusting entry for a prepaid expense always affects an asset...
    Premium 21151 Words 85 Pages
  • Accounting 1-4 Chapter
    before revenue is earned. Accruals: 1. Accrued revenues: Revenues earned but not yet received in cash or recorded. 2. Accrued expenses: Expenses incurred but not yet paid in cash or recorded. Illustration 4-3 Categories of adjusting entries Subsequent sections give examples of each type of...
    Premium 100446 Words 402 Pages
  • Amman
    . Accrued Revenues. Revenues earned but not yet received in cash or recorded. 4. Accrued Expenses. Expenses incurred but not yet paid in cash or recorded. ILLUSTRATION 3-20 Classes of Adjusting Entries We review specific examples and explanations of each type of adjustment in subsequent sections. We...
    Premium 115534 Words 463 Pages
  • Adjusting Entries - Essay
    include depreciation expenses; unearned revenues; accrued expense; and accrued revenues.(Editorial Board, 2012) I will provide you the meaning and example of the manufacturing industry for each of the entries that I’ve mentioned. The first adjusting entry is prepaid expenses. Prepaid expenses are...
    Premium 1210 Words 5 Pages
  • Financial Accounting
    debit and credit amount for any business transaction (regardless of the number of debit and credit accounts) o Two-accounts OR 3-accounts OR 4-accounts. Types of entry accounting system: A]-Simple entry which contains 1 dr. account & 1 cr. Account. B]-Compound entry which contains more than 1 account...
    Premium 6043 Words 25 Pages
  • Basic Hospitality Accounting
    includes all accounting transactions and is considered the historical record for a business entity. All transactions must be recorded through a journal entry that provides specific instructions in a line-by-line sequence. Each line names a specific account and an amount designated as a debit or credit...
    Premium 9247 Words 37 Pages
  • Managerial Accounting 6th Edition Kieso Kimmel Weygandt
    for each type of manufacturing cost. BE2-3 In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. BE2-4 Factory labor data for Knox Company is...
    Premium 58113 Words 233 Pages
  • Accounting 2001
    principle and the matching principle * 2. Differentiate between the cash basis and the accrual basis of accounting 3. Explain why adjusting entries are needed, and identify the major types of adjusting entries 4. Prepare adjusting entries for prepayments * 5.Prepare adjusting...
    Premium 5314 Words 22 Pages
  • Miss
    manufacturing each unit of produce? Which product is most profitable? External users several types investors (owners) who use accounting information to make decisions to buy, hold or sell shares creditors (suppliers, bankers) who use accounting information to evaluate the risks of granting credit...
    Premium 13042 Words 53 Pages