Steinbach & Sons Accounting Steinbach & Sons Essay

Open, View, and/or
Download this Document

Total Length: 320 words ( 1 double-spaced pages)

Total Sources: 1

Steinbach & Sons Accounting

Steinbach & Sons Case

Accounting Implications

The adjusting process that this case alludes to occurs both on the income statements as well as the balance sheet. The adjustment that will affect the income statement is:

$2,000 dollar sales of furniture to family members

Added to the gross revenues ( + $2,000)

The adjustments that will affect the balance sheet are:

$900 Wages owed to employees

This would be added to the short-term liabilities account ( + $900)

$400 Prepaid Insurance that Expired

This would be debited for the asset account ( - $400)

The additional revenue can be added to the profit and loss statement and be added to the gross revenue figure.

Stuck Writing Your "Steinbach & Sons Accounting Steinbach & Sons" Essay?

View All Our Example Steinbach & Sons Accounting Steinbach & Sons Essay

Have A Custom Example Essay Written

The nine hundred dollars owed to employees will increase the liabilities account if properly adjusted. The prepaid insurance would count as an asset if not adjusted, however since it has expired if it was properly adjusted then it should be removed as short-term….....

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Steinbach & Sons Accounting Steinbach & Sons" (2011, April 20) Retrieved May 16, 2024, from
https://www.aceyourpaper.com/essays/steinbach-sons-accounting-steinbach-sons-84517

Latest MLA Format (8th edition)

Copy Reference
"Steinbach & Sons Accounting Steinbach & Sons" 20 April 2011. Web.16 May. 2024. <
https://www.aceyourpaper.com/essays/steinbach-sons-accounting-steinbach-sons-84517>

Latest Chicago Format (16th edition)

Copy Reference
"Steinbach & Sons Accounting Steinbach & Sons", 20 April 2011, Accessed.16 May. 2024,
https://www.aceyourpaper.com/essays/steinbach-sons-accounting-steinbach-sons-84517
   

Open, View, and/or
Download this Document
order custom essay example