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Unformatted text preview: 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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This note was uploaded on 06/20/2011 for the course ACCT 101 taught by Professor Joannes during the Spring '11 term at Aarhus Universitet.
- Spring '11