So far, we have discussed identifying and recording/analyzing transactions. From there, we would post journal entries to the general ledger and make an unadjusted trial balance. From there, we would talk about the adjusting entries. There are a few different types of adjusting entries.
Watch the following 4 minute, 53 second video, “Accounting Cycle Step 5: Adjusting Entries Basics,” discussing different types of entries.After you watch the video, submit your initial discussion post by completing the following:
- Describe the accounting period. How might it be different than a calendar year?
- Compare accrual and cash basis accounting.
- Indicate which uses adjusting entries and why.
- Define Revenue Recognition Principle and Expense Recognition Principle under the correct basis of accounting.
- Identify at least two different adjusting entries. Why do they need to be done?
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