Adjusting Entries Yvenie Desire ACCT205-1203A-11 June 9‚ 2012 Adjusting Entries Welcome to the company and as an accounting clerk for the department you will be working a lot with the accounting department and with me. I will be mentoring you on certain aspect of accounting and what needs to be done. First we’ll get started with why adjusting entries are necessary. “Adjusting entries ensures that the correct amount of revenues and expenses are recorded in a specified time period.” (Editorial
Premium Generally Accepted Accounting Principles Double-entry bookkeeping system
CHAPTER 2 DOUBLE ENTRY SYSTEM AND BALANCING OFF THE LEDGER OBJECTIVES. At the end of the chapter reader is expected to understand - what a double entry system is - peculiarity of double entry system in accounting. - how a transaction can be posted in order to adhere with double entry system. - what make up a ledger - how ledger can be balanced up. INTRODUTION To make a relevant disclosure of transaction in accounting sense‚ it is necessary to open up all the items affected by a transaction
Premium Double-entry bookkeeping system Bank Currency
Cash 9‚800 3‚920 3‚920 5‚880 120 6‚000 13-3 Bob Anderson‚ 2004 13-4 Notes Payable April 1 Journal Entry ? Trucks Cash Notes payable Debit 30‚000 Zero Interest-bearing Note Written promises to pay a certain sum of money on a specified future date. No such thing as 0% interest‚ always “impute a rate” if the stated rate is different than a reasonable rate. Credit 4‚000 26‚000 Any entry required at April 30 ? Interest expense 260 Interest payable ($26‚000 x 12% / 12) Example -On May 1‚ the
Premium Generally Accepted Accounting Principles Liability Accounts payable
journal entries. We will discuss the importance of the journal entries. Next‚ we will talk about their effects on the financial statements. Finally‚ we will summarize what we have learned about journal entries. A journal entry is the record of financial transactions recorded into a journal. This journal gives details about all the financial transactions of a business and tells which accounts these transactions affect. The transactions are initially recorded in the journal using the double-entry or single-entry
Premium Balance sheet Income statement Double-entry bookkeeping system
ECO-561 Week- 5-TEAM PAPER Recommendation for pricing strategy‚ product differentiation and barriers to entry during Trough: U. S. economy entered its 10th recession in late 2007 since 1950 and still recovering from recession in 2010. The rise and decline in the level of activity are called business cycles. Business cycles occur because disturbances to the economy of one sort or another push the economy above or below full employment. Four phases of business cycles are Peak‚ recession‚ trough
Premium Marketing Unemployment Economics
Introduction to Book-keeping Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page. 1 The recording of accounting data is known as . 2 A change in the position of a business‚ i.e. the transfer of value from one to another‚ is a . 3 A person to whom money is owed for goods is a . They have given the firm ___________. 4 A person who owes money to the firm is a . They are in ______ to the firm. 5 Resources supplied by the owner is called ____
Premium Balance sheet Double-entry bookkeeping system Bookkeeping
Barriers to Entry & Exist: A case study on Singapore Power. Singapore Power was first created to take over the electricity and gas business of the state provider‚ the Public Utilities Board in 1995 and was once considered as the only electricity company in Singapore. However‚ in 2001‚ Singapore Government took further steps in industry reform: separation of the natural monopolies (i.e. grid) from the competitive domain (i.e. generation and retail) in order to encourage competition and drive firms
Premium Barriers to entry Monopoly Electricity distribution
Giving examples‚ evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls‚ your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today‚ this is quite an interesting fact; however it indicates that there is something about the system‚ thus making it so effective and
Premium Accounts receivable Double-entry bookkeeping system Balance sheet
Assignment: Preparing Entries and Statements ACC225/Financial Accounting Assignment: Preparing Entries and Statements QS 4-5A The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30‚ 2004‚ credit balance of the owner’s capital account was $52‚660‚ and the owner invested $25‚000 cash in the company during the 2005 fiscal year. [pic] Prepare a 10-column work sheet for fiscal year 2005‚ starting with the unadjusted
Premium Generally Accepted Accounting Principles Expense Depreciation
Macbeth and is the one who comes up with the plan to murder King Duncan and she even later wishes to be “unsexed” and would even have “plucked my nipple from his boneless gums and dashed the brains out.” (1.7.57-58) There may not be an exact role reversal as Macbeth is still the one who murders King Duncan. However at the beginning at least‚ it does seem that Lady Macbeth is the one who is more willing to kill. Macbeth and Lady Macbeth do have a special relationship where one needs the other. However
Premium Macbeth