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Quick Look at Adjusting Entries

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Quick Look at Adjusting Entries

  1. 1. Adjusting Entries A Puzzling Concept Content by Dr. Kathleen Irwin; Media by PresenterMedia
  2. 2. What are Adjusting Entries?? Deferrals and Accruals• To begin unlocking this puzzle, let us introduce the two types of adjustments you might have to make at the end of the business cycle or period. • Deferrals: when you prepay for something, or if you accept payment for services or merchandise prior to earning it. • Accruals: revenues earned or expenses paid that need to be put on the books before closing.
  3. 3. Putting it together • Deferrals Include: • Prepaid Expenses: Example • Unearned Revenues: Example • Accruals Include • Accrued Revenues: Example • Accrued Expenses: Example
  4. 4. For more on Adjusting Entries, be sure to go through all the material in your Lesson and watch the homework assignment Video provided under Lesson 4.

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