Accounting

  SUPPOSED TO 1. The train was _____ at 11.00. Why was it so late? (arrive)  2. Why are you watching TV? You're _____  your homework. (do)  3. You can't go swimming – you're _____  ill! (be)  4. I'm going to wash the car now. I was _____  it yesterday but I didn't feel like it. (do)  5. I'd better hurry up; I'm _____  Helen at eleven o'clock. (meet)  6. Where's Harriette? She was _____ by now. (arrive)  1 The train was   at 11.00. Why was it so late? (arrive)  2 Why are you watching TV? You're   your homework. (do)  3 You can't go to the pub – you're   ill! (be)  4 I'm going to wash the car now. I was   it yesterday but I didn't feel like it. (do)  5 I'd better hurry up; I'm   Helen at eleven o'clock. (meet)  6 Where's Harriette? She was   by now. (arrive)  TO GET + adjective = become, show a change of state I am getting old. It's getting hott...

  For now we want to highlight some important points. There are two scenarios where adjusting journal entries are needed before the financial statements are issued: Nothing has been entered in the accounting records for certain expenses or revenues, but those expenses and/or revenues did occur and must be included in the current period's income statement and balance sheet. Something has already been entered in the accounting records, but the amount needs to be divided up between two or more accounting periods. Adjusting entries almost always involve a balance sheet account (Interest Payable, Prepaid Insurance, Accounts Receivable, etc.) and an income statement account (Interest Expense, Insurance Expense, Service Revenues, etc. Adjusting Entries - Liability Accounts Notes Payable $5,000 Notes Payable is a liability account that reports the amount of principal owed as of the balance sheet date. (Any interest incurred but not yet paid as of the balance sheet date is reported in ...

 To demonstrate the need for an accounting adjusting entry let's assume that a company borrowed money from its bank on December 1, 2020 and that the company's accounting period ends on December 31. The bank loan specifies that the first interest payment on the loan will be due on March 1, 2021. This means that the company's accounting records as of December 31 do not contain any payment to the bank for the interest the company incurred from December 1 through December 31. (Of course the loan is costing the company interest expense every day, but the actual payment for the interest will not occur until March 1.) For the company's December income statement to accurately report the company's profitability, it must include all of the company's December expenses—not just the expenses that were paid. Similarly, for the company's balance sheet on December 31 to be accurate, it must report a liability for the interest owed as of the balance sheet date. An adjusting ...