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IWU's online degree programs are completely online, eliminating the commute and classroom lectures from your day. Because you decide when to study, in most cases you are free to complete the 12 to 15 hours course commitment per week at your own pace and in the learning style that is best for you.

1. Accounting 101 Study Guide
2. Study Guide 2 Identifying Accounting Terms
3. Study Guide Identifying Accounting Terms

Where Is Indiana Wesleyan University? Indiana Wesleyan University is located in Marion, Indiana. Manual for jeep 134 l engine. As an online student attending Indiana Wesleyan University Online, you may or may not have to visit Indiana Wesleyan University’s campus. You’re serious about success.

Especially when it comes to pursuing an associate, bachelors or master’s degree you need to move your career forward. At AIU, the Serious U™, classes are taught by industry specialists who bring their real-world perspective to the classroom and will work with you one-on-one when you need it. Why AIU:.

Powerful specialized curriculum. More courses devoted to your field of interest, on average than at other similar schools. Virtual Campus. Study anywhere, anytime and the way you learn best.

Study Guide 9 Identifying Accounting Terms Answers - In this site is not the same as a answer manual you purchase in a lp collection or download off the web. STUDY GUIDE 1. Part One – Identify Accounting Terms. Directions: Select the one term from the list below that best fits each definition in Column I.

Credit for work and military experiences to fulfill degree requirements. You can transfer in up to 75% of your qualifying credits saving you up to 75% on your bachelor’s degree. Cost and value. Our program costs include all required books, materials, and student fees. No application cost American InterContinental University® is regionally accredited by the Higher Learning Commission. To contact the Higher Learning Commission please visit.

You’re serious about success. Especially when it comes to pursuing an associate, bachelors or master’s degree you need to move your career forward. At AIU, the Serious U™, classes are taught by industry specialists who bring their real-world perspective to the classroom and will work with you one-on-one when you need it. Why AIU:. Powerful specialized curriculum. More courses devoted to your field of interest, on average than at other similar schools.

Virtual Campus. Study anywhere, anytime and the way you learn best.

Credit for work and military experiences to fulfill degree requirements. You can transfer in up to 75% of your qualifying credits saving you up to 75% on your bachelor’s degree. Cost and value. Our program costs include all required books, materials, and student fees. No application cost American InterContinental University® is regionally accredited by the Higher Learning Commission.

Accounting 101 Study Guide

To contact the Higher Learning Commission please visit. IWU's online degree programs are completely online, eliminating the commute and classroom lectures from your day. Because you decide when to study, in most cases you are free to complete the 12 to 15 hours course commitment per week at your own pace and in the learning style that is best for you. Where Is Indiana Wesleyan University? Indiana Wesleyan University is located in Marion, Indiana. As an online student attending Indiana Wesleyan University Online, you may or may not have to visit Indiana Wesleyan University’s campus.

International Financial Reporting Standards (IFRS) Guide by IFRSclass.com Accounting Info.com TM   Accounting Study GuideAdjusting Journal Entry 1. What is an adjusting journal entry? Adjusting journal entry is a journal entry prepared to adjust account balances. The only way of changing account balances is to entrer journal entries. Account balances cannot be changed without journal entries. If current account balances do not represent correct amounts, journal entries are needed to change current balances to the correct balances.

Journal entries prepared with this purpose are called as adjusting journal entries. What is the purpose of adjusting journal entry? Current account balances may not represent correct balances due to following reasons:       a. Company made mistakes in preparing journal entries in the past.

Accounting records are not updated to reflect new transactions or amount changes in previous transactions. Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date (the date at the end of an accounting period). The timing differences in recognizing revenues and expenses between accrual basis and cash basis accounting are frequently corrected by adjusting journal entries. Three steps of preparing adjusting journal entries      Step 1: Identify the original journal entries that have been made during the period. Step 2: Identify the correct account balances.

Step 3: Analyze the differences between correct and current balances and prepare journal entries to adjust such differences. Adjusting Journal Entry Example 1 Company A sold its products at the price of $1,000 for cash.

However, this transaction was recorded as $100 sales. What is the adjusting journal entry to correct this mistake? Step 1: Identify the original journal entries that have been made during the period. Debit Credit Cash 100      Sales   100 Note Recorded amount of cash = $100    Step 2: Identify the correct account balances.

Study Guide 2 Identifying Accounting Terms

Debit Credit Cash 1,000      Sales   1,000 Note Correct amount of cash = $1,000 debit balance Correct amount of sales = $1,000 credit balance    Step 3: Analyze the differences between correct and current balances and prepare journal entries to adjust such differences. Debit Credit Cash 900      Sales   900 Note Additional amount to be adjusted = Correct amount - Recorded amount = $1,000 - $100 = $900 Adjusting Journal Entry Example 2 On December 1, 20x1, Company A signed an insurance contract and paid $3,000 cash as insurance premium for three months. Company recorded $3,000 as prepaid insurance on December 1, 20x1. Prepare the adjusting journal entry at December 31, 20x1. Step 1: Identify the original journal entries that have been made during the period.

Study Guide Identifying Accounting Terms

Debit Credit Prepaid insurance 3,000       Cash   3,000 Note Recorded amount of cash = $3,000    Step 2: Identify the correct account balances. On December 31, 20x1, $1,000 insurance premium should be recognized as an expense for December. (1) Insurance expense: $1,000 debit balance (2) Prepaid insurance: $2,000 debit balance Note Insurance expense for 20x1 = $3,000 x 1/3  = $1,000    Step 3: Analyze the differences between correct and current balances and prepare journal entries to adjust such differences. To adjust these differences, following adjusting journal entry is needed. This journal entry transfers $1,000 from the 'Prepaid insurance' to the 'Insurance expense' account. Debit Credit Insurance expense 1,000      Prepaid insurance   1,000 Note Increase in the 'Insurance expense' account - Debit Decrease in the 'Prepaid insurance' account - Credit Copyright © TM  All Rights Reserved.