Adjusting Entries for Prepaid Assets

Every time a company prepares financial statements, adjusting entries are required. Generally, financial statements are prepared at the end of each month, the end of each quarter and at the end of each year.

Each adjusting entry affects a balance sheet account and an income statement account. For example, Adjusting Entries for Prepaid Assets or Fixed Assets involve decreasing the asset account and increasing the expense account. Adjusting entries are made in properly follow GAAP.

  1. Based on your review of Chapter 3, describe an adjusting journal entry that is needed at the end of an accounting period.
  2. Why are adjusting entries important and how do they contribute to accurate financial reporting?
  3. Accrual accounting is required under U.S. GAAP. One of the main principles of accrual accounting is the Matching Principle, also known as the Revenue Recognition Principle and the Expense Recognition Principle. Consult are liable resource online and in your own words, explain the difference between accrual basis accounting and cash basis accounting. How does this relate to the Matching Principle?

Discussion 2

Respond to at least two peers’ posts. When comparing your ecological footprint results with the results of your peers. What items are similar and what was different? Suggest areas you may be able to refine in to reduce the number of Plant Earths needed to sustain you.

Alyssa post

This is the second time I have used the Global Footprint Network’s Footprint Calculator. The first time I did it, I had the overshoot day the 29th of July and if everyone lived like me, we would need 1.7 Earths. This time around my personal overshoot day is the 28th of August. Also, if everyone lived like me, we would need 1.5 Earths, which is .2 Earths lower than what I had in May. My carbon footprint is still the highest of my emissions. I am happy that I decreased in Earths, now I need to work on my carbon footprint and my emissions.

Jonathan post

 

So now, on to my results. My overshoot day is April 15th, and if everyone lived like me we would 3.4 earths. My biggest consumption was my carbon footprint. As I am looking over this data, I’m still not sure if I know what 100% of what everything means. I can sort of understand about the carbon footprint, but it still seems higher than what I thought it would be. My wife and I both have newer cars (oldest being a 2016), hers being an SUV. I know the SUV will contribute to a higher percentage, but it is a 4 cylinder turbo. Mine is a sedan with the same type of engine. I suppose these are things that I should have thought about in the past. This may be something that opens eyes if you will.

 

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