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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This note was uploaded on 02/17/2012 for the course ITCO 101 taught by Professor Gugenhiem during the Spring '12 term at AIU Online.
- Spring '12
- Gugenhiem
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