Liabilities Section of the Statement of Financial Position Questions

Question Description

Read the textbook, lecture notes and all other posts BEFORE you post. Using a current or prior place of work as an example business, describe a typical PERIOD END ADJUSTMENT and how to record it with a journal entry. Please address the following points:

1. WHY is an adjustment needed (be sure to vary your example from those of other students)?

2. What account should be DEBITED, and for how much money?

3. What account should be CREDITED, and for how much money?

Be specific and provide detail. If you are unfamiliar with real life examples, you are free to use a hypothetical business that operates in an industry that interests you. We will continue to dig into your example during the week.

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