User Account

All Pages

What is the classification of the journal entry in question

Assignment Help Accounting Basics
Reference no: EM132644075

Question - We are discussing adjusting entries that are important to the accrual basis of accounting. There are four main classifications of journal entries, and each serves its own purpose and has several examples. Identify one specific type of journal entry and answer the following questions about it.

Required - Briefly provide answers to the following questions:

1. What is the classification of the journal entry in question?

2. What accounts get debited and credited to account for the transaction?

3. How would the accounts be in error if the adjusting entry was not recorded at all?

4. Most journal entries have a counterpart on the other side of the transaction. For example, if we are buying something from a supplier, it would be an expense to us, but revenue to the supplier. Considering this, what is the counterpart adjusting journal entry for the one that you have selected?

Reference no: EM132644075

Questions Cloud

Adverse psychological and physical trauma : There are hundreds and thousands of women and young girls trafficked and prostituted. Both groups suffer from adverse psychological and physical trauma.
How basketball rules are related to the morality standards : How basketball rules are related to the morality standards? Is it possible for a person to be moral but not ethical or ethical but not moral
Analyze how prevalent delinquency is among adolescents : Analyze how prevalent delinquency is among adolescents. identify and examine a theory that best explains juvenile delinquency.
Major approaches surrounding collection and analysis of data : Discuss the differences between the three major approaches surrounding collection and analysis of data, i,e., quantitative, qualitative, and mixed methods.
What is the classification of the journal entry in question : What is the classification of the journal entry in question? How would the accounts be in error if the adjusting entry was not recorded at all
Explain in detail four categories of computer crime : The term computer crime encompasses a very broad range of criminal acts. Explain in detail the four categories of computer crime.
Why is consistency important in the first place : Why is consistency important in the first place? How does the company's choice of financial accounting inventory method impact their tax reporting
What is the total amount of overhead applied to product a : A manufacturer produces three products: A, B, and C. What is the total amount of overhead applied to product A
Thinking about process of differential association : Thinking about the process of differential association, can you give an example from your life of your association affecting your likelihood to engage in,

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd