BASIC ACCOUNTING: ADJUSTING ENTRIES

May 19th, 2015
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Louisiana State University - Eunice
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Purpose: To Arrive atthe correct amount of Net Income/Net Loss of the business and to bring the Asset and Liability Accounts intotheir adjusted ending balances thatwill be presented on the financial statements.

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BASIC ACCOUNTING: ADJUSTING ENTRIESADJUSTMENT OF ACCOUNTSPurpose: To Arrive atthecorrect amountof Net Income/Net Loss of the business and to bring the Asset and Liability Accounts intotheiradjusted ending balancesthatwill be presented on the financial statements.7 DIFFERENT TYPE OF ADJUSTING ENTRIES*ACCRUAL TYPE ADJUSTMENTS *PREPAID TYPE ADJUSTMENTS *OTHERADJUSTMENTS1. Accrued Expenses 1.Prepaid Expenses 1. Depreciation2. Accrued Revenues 2.Unearned Revenues 2.Bad Debts 3.Mercha

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