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Accounting cycle service business adjusting joournal entries

Accounting cycle service business adjusting joournal entries

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ACCOUNTING CYCLE – SERVICE BUSINESS Part 2- Adjusting Journal Entries LEARNING OBJECTIVES: • Appreciate the need for adjusting entries. • Identify the basic end-of-period adjustments for a service business. • Apply the concept of accruals and deferrals and relate them to the adjusting process. • Prepare adjusting entries based on alternative methods of recording deferrals (prepayments and unearned revenues). • Prepare adjusting journal entries for a service business. THE PERIODICITY PRINCIPLE The periodicity principle or time period concept states that the entity’s life can be meaningfully subdivided into equal time periods (accounting periods) for reporting purposes. HOW LONG IS ONE ACCOUNTING PERIOD? The accounting period may be one month, one quarter, or one year. The most basic accounting period is one year. This one year accounting period may be a calendar year or a fiscal year. A calendar year is one where the period ends at December 31. A fiscal year is a period of 12 months that ends at any time except December 31. 3 THE NEED FOR ADJUSTMENTS The trial balance is the source of data needed in the preparation of financial statements. However, the trial balance might not show all information needed in the preparation of financial statements. Why? Because some elements of the financial statements are not fairly stated. 4 WHAT’S THE DIFFERENCE BETWEEN ACCRUAL AND CASH BASIS? Accrual Basis – recognize income as it is earned regardless of when it ...
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