For your initial Discussion post, describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the entries should be an accrual and another a deferral. You may use similar examples as those in your textbook and you may also research other typical adjusting entries for service-type companies.
Be sure to address the following questions: What are the purposes of each of your example adjusting ? Why are these adjusting entries required? What if the company does not record these adjusting entries? Would financial statements be accurate? Why or why not? Should the entries described be posted to the general ledger before preparing an adjusted trial balance? Why or why not? Beyond the explanations above, post the actual adjusting entries (with accounts, debits and credits) for each of your examples
Answers with the course’s readings and at least wo scholarly journal articles. The article’s purpose is to support your positions, claims, and observations, in addition to your textbook. Sources ProQuest and EBSCOhost are great sites to find resources. Also, write in a concise and logical, using excellent grammar and style techniques. Additionally, the quality of your writing dictates grading criteria. On the other hand, if you use direct quotes from books or articles, place the words you copied (use parenthesis) and cite them in-line. Also, only use sources within the five-year range.