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Within the Discussion Board area, write 200–250 words that respond to the direct
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Within the Discussion Board area, write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. This will serve as the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Adjusting entries are used to make sure that all revenue and expenses are recorded in the correct period. Last week you learned about four categories of adjusting entries: accrued revenue, accrued expenses, deferred revenue, and deferred expenses. Watch this very short video to refresh your knowledge. Think about what you know about accounting and adjusting entries and answer the following questions.
How to Prepare Adjusting Journal Entries
Identify 1 type of adjusting entry, and give an example.
Discuss what would happen if you did not make the adjustment. How would the financial statements be affected?
You can respond to either your classmate’s or your instructor’s posts. Ideas for responses include offering an additional example, discussing the impact on the balance sheet and income statement if the adjusting entry was not made, or explaining another observation about the accounting cycle or an accounting period.
For assistance with your assignment, please use your text and Web resources as well as all course materials.
Course Hero. (2019, April 6). How to prepare adjusting journal entries | Principles of accounting [Video]. YouTube. https://www.youtube.com/watch?v=iRFwagT9lqE
Discussion Board Rubric
Expectation Points Possible Points Earned Comments
Application of Learning Material Content: Post demonstrates understanding of Learning Material content.
Application of Course Knowledge: Post contributes unique perspectives or insights gleaned from personal experience or examples from discipline.
DB Responses: Student responds substantively to two posts. Responses encourage interaction in the Discussion Board and classroom community.
Organization: Post presents information logically and is clearly relevant to the discussion topic.
Professional Language: Posts contain accurate grammar, spelling, and punctuation with few or no errors. APA formatting is not required.
Total Points Earned