Principles of Accounting I_Unit2_IP - Principles of...

This preview shows page 1 - 2 out of 3 pages.

Principles of Accounting IUnit 2 Individual ProjectKregg M. Soltow8/31/2010American Intercontinental UniversityI am an accountant in a medium-sized manufacturing company. I have been asked tomentor an accounting clerk who is new to this accounting department. I will explain whyadjusting entries are necessary, describe the 4 types of adjusting entries, provide a manufacturingindustry example of each, describe how these entries would be recorded in a computerizedaccounting system, and I will describe 2 ethical issues that could result from the preparation ofthese manufacturing entries.Describe the 4 types of adjusting entries, and provide a manufacturing industryexample of each.-When expenses are paid in advance and adjusted at the expiry of period.The insurance offactory was paid on July, 1 for 12 months $12000.The years ends on Dec 31st, the followingadjusting entry to be passed.Factory overhead – Insurance ExpensesDr. 6000Prepaid InsuranceCr. 6000

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 3 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
Gugenhiem
Tags
Generally Accepted Accounting Principles, Accounting software, American Intercontinental University, following adjusting entry

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture