Primary Response is due by sunday (11:59:59pm Central),.
Primary Response: Within the Discussion Board area, write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
For this Discussion Board, please complete the following:
Adjusting entries are completed at the end of the accounting period to account for business transactions that have not been recorded. Accrual basis organizations have to complete these entries.
- Identify 1 business transaction that would be considered an adjusting entry–what would the journal entry be to record this transaction? What affect would this journal entry have on your financial statement if it is not completed?
- Why are adjusting entries important?
Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50–100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following question:
- What differences or similarities do you see between your posting and other classmates’ postings?