LUCE 7/2/20, 10:04 AM Class- For this topic GAAP does come into play as stated so the adjustment should be made. The interesting point, to me is does making the adjustment at all affect the agreement with the bank? The bank will want to see the financial statements of the company and will know from their own records what part of the loan should be reflected as short and long term. Could this situation just boll down to a simple discussion with the owner stating these points? Why or why not? Leslie Reply Show Replies 3) NEW Ryashia Madkins 7/2/20, 1:31 AM 1 l would say that the bank shouldn't journal entry is incorrect but i would say that if the bank isn't doing doing good then they should record that so that it doesn't show that money and records are missing then this will miss up the future journal entries 12. the company could get in trouble for failure in not reporting the right journal entries 3. the bookkeeper shouldn't haven't been asked to do anything like 4 if the company is doing bad they should find another way to keep their money going or tell the customers 5. the company would be affect because the entires will not add up if someone else coe looks over the journal han in the first place LUCE 7/2/20, 10:04 AM Class- For this topic GAAP does come into play as stated so the adjustment should be made. The interesting point, to me is does making the adjustment at all affect the agreement with the bank? The bank will want to see the financial statements of the company and will know from their own records what part of the loan should be reflected as short and long term. Could this situation just boll down to a simple discussion with the owner stating these points? Why or why not? Leslie Reply Show Replies 3) NEW Ryashia Madkins 7/2/20, 1:31 AM 1 l would say that the bank shouldn't journal entry is incorrect but i would say that if the bank isn't doing doing good then they should record that so that it doesn't show that money and records are missing then this will miss up the future journal entries 12. the company could get in trouble for failure in not reporting the right journal entries 3. the bookkeeper shouldn't haven't been asked to do anything like 4 if the company is doing bad they should find another way to keep their money going or tell the customers 5. the company would be affect because the entires will not add up if someone else coe looks over the journal han in the first place