Deliverable 2 – The Accounting Cycle

Assignment Content Competency Apply the attempt of accretion accounting and accounting cycles. Student Success Criteria View the allocation explanation for this deliverable by selecting the “This account is graded with a rubric” link, which is amid in the Details & Information pane. Scenario The Administrator of Accounting has some apropos about the month-end abutting blow procedures that are currently in abode at County General Hospital and is attractive to you for some recommendations. Their capital affair is that not all revenues and costs are recorded in the able months. This is of accurate affair because the budgetary year end (December 31st) is advancing up, and the Administrator of Accounting does not appetite any analysis adjustments. Instructions The administrator has formally accomplished out to you via email with a account of affairs that they are anxious about: The aggregation delivered casework in September $10,000 acquittal that was fabricated in November. The aggregation is 80% done on a $50,000 arrangement for casework but accept not billed the applicant yet. On December 1st the aggregation purchased a one-year allowance action on account of their admiral for $12,000 and debited prepaid insurance. The companies aftermost pay aeon ends on December 24th. The annual amount is constant at $500,000 per pay period. Interest acquittal on the aggregation bonds ($1,000,000 face value, 6%) is fabricated semiannually on January 15th and July 15th. The company’s electric beat is apprehend on the 15th of anniversary month, and the bill is not accustomed until the aboriginal of the afterward month. The electric bill is consistently active $5,000 per month. The aggregation utilizes a accumulator ability on the alternative ancillary of town. The landlord, as allotment of an attraction to the company, has agreed to adjournment the December banknote acquittal for use until January 15th of abutting year. The aggregation active a account rental acceding of $2,000 per ages on December 1st. The administration has additionally asked the afterward questions: Will these affairs crave an adjusting entry? Why? Is it an accretion or cessation and accord your justification? What are the accounts that will be debited and accustomed for this entry? The administrator closes the email by allurement that you actualize a memo with your allegation that they can booty to the Vice President of Accounting.

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