Classes and types of adjusting entries, Accounting Basics

Assignment Help:

Q. Classes and types of adjusting entries?

Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate items. Deferred items consist of adjusting entries relating data previously recorded in accounts. These entries engross the transfer of data previously recorded in asset and liability accounts to expense and revenue accounts, respectively. Accrued items consist of regulate entries relating to activity on which no data have been previously recorded in the accounts. These entries engross the initial or first recording of assets and liabilities and the related revenues and expenses.


Related Discussions:- Classes and types of adjusting entries

Show earned service revenue and received cash, Earned service revenue and r...

Earned service revenue and received cash As its first transaction in July Metro performed deliverance services for customers and received USD 4800 cash. This transaction improv

Calculate the wacc, The capital structure of Wild West Inc. is as follows: ...

The capital structure of Wild West Inc. is as follows: -            Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -

General journal, owner invested 80000 cash and 2000 office equpmeent in to ...

owner invested 80000 cash and 2000 office equpmeent in to the business bank account

Adjustments for accrued items, Q. Adjustments for accrued items? Accrue...

Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a

Ledger, “Ledger is said to be the principal book entry and the transactions...

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”

What is customer master record?, A Customer Master Record is a permanent re...

A Customer Master Record is a permanent record that haves key information about a business partner or a material. This information must be entered into the system before any transa

Reconsolidation, In the process of giving information from a business to a ...

In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?

Traditional tax accounting job, The career paths outlined above don't nearl...

The career paths outlined above don't nearly cover all of the many professional options available to tax specialists. For instance are you concerned that a traditional tax accounti

Could the choice of recording a capital asset impairment, Could the choice ...

Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.

On december 31, On December 31, 2013, University Theatres issued $500,000 f...

On December 31, 2013, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature

Write Your Message!

Captcha
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!

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