Discussion Post
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.
a) 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?
b) Why are adjusting entries important?
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.