Steinbach & Sons Accounting Steinbach & Sons Essay

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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.

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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….....

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"Steinbach & Sons Accounting Steinbach & Sons" (2011, April 20) Retrieved June 1, 2025, from
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Latest Chicago Format (16th edition)

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"Steinbach & Sons Accounting Steinbach & Sons", 20 April 2011, Accessed.1 June. 2025,
https://www.aceyourpaper.com/essays/steinbach-sons-accounting-steinbach-sons-84517
   

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