Business Homework Solutions
#16980
3738-09 - accts
b) What are two or three examples of transactions recorded by your company that might need an adjusting entry? What do you think the original entry would be (accounts debited/credited, and description of the entry), and what do you think the adjusting entry should be (accounts debited/credited, and description of the entry)? An example of what I'm looking for would be purchasing an asset, and recording depreciation thereon.... [If you are not currently with a company, suggest what you believe would be appropriate transactions, based upon the text, lecture, and your experience.]
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Details: a) What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?
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