List the two types of adjustments and give an example of an adjustment affecting revenues and expenses for each type.
Answer to relevant QuestionsWhat is an adjusted trial balance? What is its purpose? Service Pro Corp (SPC) is preparing adjustments for its September 30 year- end. For the following transactions and events, show the September 30 adjusting entries that SPC would make. a. Prepaid Insurance shows a balance of ...At December 31, the unadjusted trial balance of H& R Tacks reports Supplies of $ 9,000 and Supplies Expense of $ 0. On December 31, supplies costing $ 7,700 are on hand. Prepare the adjusting journal entry on December 31. In ...The adjusted trial balance for PI Detectives reported the following account balances: Accounts Receivable $ 500; Supplies $ 9,000; Prepaid Insurance $ 7,200; Equipment $ 28,000; Accumulated Depreciation— Equipment $ 4,000; ...What internal control functions are performed by a cash register and point- of- sale system? How are these functions performed when cash is received by mail?
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