[ACCT 2610] - Final Exam Guide - Everything you need to know! (24 pages long)

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Each of these types of adjustments involves two entries. One for the cash receipt or payment. On the other hand, revenues and expenses that have accrued but have not been recorded are understated: determine the amount = of revenue that has been earned or expense that has been incurred during the period. Sometimes the amount is known, sometimes it is calculated, and sometimes it must be estimated. This will be the amount needed in the adjusting entry for the revenue or expense account: record the adjusting journal entry = and post it to the appropriate accounts. For unearned revenue or prepaid expense accounts, the other half of the adjusting journal entry will be the unearned revenue or prepaid expense account to reduce it to its remaining balance. Capital structure of a company: the mixture of debt and equity a company uses to finance its operations. Private placement: money is borrowed from a specific bank or banks.

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