Principles of Accounting I_Unit2_IP

Principles of Accounting I_Unit2_IP - Principles of...

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Principles of Accounting I Unit 2 Individual Project Kregg M. Soltow 8/31/2010 American Intercontinental University I am an accountant in a medium-sized manufacturing company. I have been asked to mentor an accounting clerk who is new to this accounting department. I will explain why adjusting entries are necessary, describe the 4 types of adjusting entries, provide a manufacturing industry example of each, describe how these entries would be recorded in a computerized accounting system, and I will describe 2 ethical issues that could result from the preparation of these manufacturing entries. Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. -When expenses are paid in advance and adjusted at the expiry of period. The insurance of factory was paid on July, 1 for 12 months $12000. The years ends on Dec 31st, the following adjusting entry to be passed. Factory overhead – Insurance Expenses
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Principles of Accounting I_Unit2_IP - Principles of...

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