Assignment Task:
Review Unit 3: Analyzing and Recording Transactions and Unit 4: The adjustment process and answer the following questions:
Question 1: Why is the adjusting process needed? Need Assignment Help?
Question 2: Name two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.
Question 3: Why are adjusting journal entries needed?
Question 4: What is the difference between the trial balance and the adjusted trial balance?
Question 5: Why is the adjusted trial balance trusted as a reliable source for building the financial statements?
Question 6: What do the terms "debit" and "credit" mean?
Question 7: Why does the combined total of the company's liabilities and equity always equal the total of the company's assets?
Question 8: How do revenues and expenses affect the accounting equation?
Question 9: Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
Question 10: What is the general ledger?
Question 11: Explain what a T-account is and what purpose it serves.
Question 12: What is an unearned account? What type of account is it?