Sample initial post: Do Not Copy As a large international accounting firm, KPMG Peat, Marwick would deferred expenses, also called prepaid expenses that they have to account for. If, for example, they purchased office furniture for $150,000 on 6/1, for cash, the would have recorded the following journal entry: 6/1/2020 Office Furniture Cash 150,000 150,000 At the end of the year, they would have to depreciate the office furniture. If the depreciation was calculated to be $7,500 for the six months that they owned the furniture, the adjusting entry would be: 12/31/2020 Depreciation Expense Accumulated Depreciation 7,500 7,500 After this entry is posted, the book value for the office furniture would be $142,500 (150,000 - 7,500). 0 The first Month End of your internship is approaching. You've been asked to help with adjusting entries. You are assigned to a small group. Step 1: In your initial post discuss the one type of adjusting entry: 1. Deferred Expenses 2. Accrued Expenses 3. Deferred Revenues 4. Accrued Revenues Write an initial 3 paragraph discussion and post it to the discussion board with the following information: The subject should be the type of entry you are describing (one of the four types above). The company name you are interning with. (You are making this up. What is your dream company to intern with?) Describe the type of adjusting entry (one of the four types above) and why your company needs to make it. Record the entry in the proper journal entry format (dates, account titles, debit/credit columns, amounts). Include any initial entry from the previous period