XACC 280 Week 3 Appendix M

Week 3 brings us to adjusting entries an extension of the recording process. Rather than regular journal entries, we have to account for unrecorded revenue and expenses thus utilizing the revenue recognition and matching principles. Each week builds upon each other, and this week may pose a challenge for those of you still struggling with the recording process. Please ask questions as soon as you run into problems. These notes are meant to aid you in your completion of this assignment. 1. For entries 3 and 6 keep in mind the length Powerhouse Consultings accounting period. How many months are in this period? 2. Be sure to enter all beginning balances from the trial balance in the ledger before posting the adjusting entries. 3. Make sure you post journal entries as you have journalized them a debit entry gets posted on the debit side and a credit entry gets posted on the credit side) If you have any questions, please let me know. The only way I can help you is if you let me know you need help. Thank you.