So far, we have discussed identifying and recording/analyzing transactions. From there, we would post journal entries to the general ledger and made an unadjusted trial balance. From there, we would talk about the adjusting entries. There are a few different types of adjusting entries.

Watch the following 4 minute, 53 second video, "Accounting Cycle Step 5: Adjusting Entries Basics," discussing different types of entries.After you watch the video, submit your initial discussion post by completing the following:

• Describe the accounting period. How might it be different than a calendar year?
• Compare accrual and cash basis accounting.
  • Indicate which uses adjusting entries and why.
  • Define Revenue Recognition Principle and Expense Recognition Principle under the correct basis of accounting.
• Identify at least two different adjusting entries. Why do they need to be done?

In order to engage in an active discussion environment, submit your initial discussion post by Wednesday. For detailed grading criteria, refer to the Discussion Rubric.

https://www.youtube.com/watch?app=desktop&v=xuXZTsKFjjM