adjusting entry process

The goal of this discussion is to apply what you have learned while reading the chapter material and reviewing the PowerPoint presentation.

Keep in mind that this discussion question will help prepare you for future exams, so it is important that you understand the information and actively participate in discussions. To supplement your learning and enhance your understanding, you may also have to conduct research outside of course provided material.

Discussion Question Requirements:

1. In a minimum of a paragraph, answer the question.

2. Pick two peers’ postings and review. Then comment in no less than one paragraph why you found the information helpful, informative, etc. You must present new ideas and/or thoughts, merely stating that you agree/disagree is not enough to earn full points.

3. Students will not be able to see peers’ postings before posting their initial post. Once you make your initial post, you are not permitted to edit. If edits are needed, you will need to reply to the original post and make the corrections there.

4. A paragraph is considered a minimum of 4-6 sentences.

5. Cite all sources – you must provide the exact link to the reference. Please keep in mind that citing sources does not mean you can copy and paste information from the source and use it as your own. You also cannot only change a few words from a source; all work must be in your own words. If copying/pasting is found or the submission is not in your own words, you will receive a zero, no exceptions. This also includes commenting on peers’ posts.

Please answer the following question(s):

Why must one understand accrual basis accounting and how does this process play a huge role in the adjusting entry process?

What are the five types of adjusting entries? Define each type and provide an example of each.