Unit 2 - Individual Project 2

Unit 2 - Individual Project 2 - Accounting Principles...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting Principles 1 Running head: Accounting Principles Accounting Principles David Lee Watkins American Intercontinental University Online Professor Sunny Onyiri ACCT205-1004A-09: Principles of Accounting I September 5, 2010
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Accounting Principles 2 Accounting Principles 1) Explain why adjusting entries are necessary. In the accounting process there are several transactions that may not be immediately recorded in the ledger. One type of this transaction would be an insurance premium paid at the end of one accounting period that is for insurance coverage in the next period. The transaction would be shown as a deferred entry in the period in which the Insurance coverage is in effect. 2) Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. 1) The first is when costs have been recorded that need to be allocated between two or more accounting periods. For example, insurance costs that covers twelve months of coverage.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern