Accrual entries involve recognizing revenue or expenses that have been earned or incurred but not yet recorded or received. Deferral entries involve recognizing previously recorded assets accounts being affected.
Let's identify the accounts affected by each adjusting entry and determine whether it is a deferral or accrual entry:
Adjusting entry for revenue that has now been earned by workers but not yet paid or recorded:
Accounts affected: Revenue (Income) Account and Accounts Receivable (Asset) Account.
Type of entry: Accrual entry. This is because revenue has been earned but not yet recorded or received.
Adjusting entry for revenue that has now been earned but was paid for previously:
Accounts affected: Unearned Revenue (Liability) Account and Revenue (Income) Account.
Type of entry: Deferral entry. This is because the revenue was previously received but not yet earned or recorded until now.
Adjusting entry to record periodic depreciation expense:
Accounts affected: Depreciation Expense (Expense) Account and Accumulated Depreciation (Contra-Asset) Account.
Type of entry: Accrual entry. This is because the depreciation expense is recognized over time to match the usage of the asset.
Adjusting entry to record the use of one month's worth of prepaid rent:
Accounts affected: Rent Expense (Expense) Account and Prepaid Rent (Asset) Account.
Type of entry: Accrual entry. This is because the prepaid rent was previously recorded as an asset but now needs to be recognized as an expense for the portion that has been used.
Adjusting entry to record interest earned on an investment but not yet received:
Accounts affected: Interest Receivable (Asset) Account and Interest Revenue (Income) Account.
Type of entry: Accrual entry. This is because the interest has been earned but not yet received or recorded.
Adjusting entry to record the cost related to electricity expense used but not yet paid for:
Accounts affected: Electricity Expense (Expense) Account and Accrued Expenses (Liability) Account.
Type of entry: Accrual entry. This is because the electricity expense has been incurred but not yet paid or recorded.
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The purpose of the Informative Speech is to inform the audience about [fill in your topic]. Please share your topic ideas for your speech. Why did you choose this topic? Is it something that you already know about or something that you want to know more about?
Show how you would begin to organize the information about your topic into a Preparation Outline (as explained and illustrated in Chapter 11) using complete sentences.
I have selected my topic is: "The Benefits of Eating Local and Organic Produce".
I chose this topic because I feel passionate about eating healthier and supporting local farmers. I am familiar with the benefits of eating organic and locally grown produce, but I want to learn more about it and share my newfound knowledge with others.
I Preparation Outline for my Informative Speech is as follows:
I. Introduction
A. Attention-Grabbing Introduction – Explain why the audience should care about this topic and the impact it has on our lives.
B. Thesis Statement – Summarize the points of the speech and how they will be discussed.
II. Body
A. Definition of “Organic” and “Local” – Explain the regulations and criteria for organic and local produce.
B. Benefits of Eating Local and Organic Produce – Discuss the various benefits to our personal health and the environment.
C. Examples of Eating Local and Organic – Give practical ways to incorporate this lifestyle into our diets.
III. Conclusion
A. Summary of Main Points – Recap the points discussed throughout the speech.
B. Final Thoughts – Offer an inspiring final statement about eating local and organic and how it positively affects our lives.
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