Transcription of College Accounting - MCCC
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College Accounting - MCCC
College AccountingHeintz & Parry20thEditionChapter5 Adjusting Entries and the Work Sheet1 Prepare end-of-period adjustments. Changes occur that affect the business s financial condition: Equipment wearing out Prepaid insurance and supplies being used up Employees earning wages that have not yet been paid Since these events have not been entered into the Accounting system, ADJUSTING ENTRIES must be made. Requires the matching of REVENUES EARNED during an Accounting period with the EXPENSES INCURRED Provides the best measure of net income Necessitates accounts be brought up to date before financial statements are prepared A 12-month period of time used as an Accounting period Does not need to be the same as a calendar year Many businesses schedule their fiscal year to end when business is slow2 Post adjusting entries to the general s look at some adjusting entries for Jessie Jane s Campus June, Jessie purchased supplies for $80.
• A 12-month period of time used as an accounting period • Does not need to be the same as a calendar year • Many businesses schedule their fiscal year to
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