Reference no: EM132684583
Chris, who responded to your bulletin board posting for tutoring in introductory accounting. The complaint was in response to your statements that recording adjusting entries is a critical step in the accounting processing cycle, and the two major classifications of adjusting entries are prepayments and accruals.
Respond to Chris with the following information:
Question 1: When do prepayments occur?
Question 2: Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues.
Question 3: What is the effect on net income, assets, liabilities, and shareholders' equity of NOT recording a required adjusting entry for prepayments?
Question 4: When do accruals occur?
Question 5: Describe the required adjusting entry for accrued liabilities and for accrued receivables.
Question 6: What is the effect on net income, assets, liabilities, and shareholders' equity of NOT recording a required adjusting entry for accruals?
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