2010-06-30_152251_adjusting_entry_2

2010-06-30_152251_adjusting_entry_2 - . ..Describethe4types...

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You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting  clerk who is new to your accounting department. •Explain why adjusting entries are necessary. •Describe the 4 types  of adjusting entries, and provide a manufacturing industry example of each. •Describe how these entries would be  recorded in a computerized accounting system. •Describe 2 ethical issues that could result from the preparation of  these manufacturing entries. The basic reason to make adjusting entries is to adjust the accounting balances at the end of the period.  Usually the purpose is to ensure that the accounts are complete and accurate. Sometimes there are  errors occurred while posting entries resulting in increase or decrease of the balance and this is adjusted  through adjusting entries.
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