New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

COB 241 Week 3 Notes

by: Charles Miller

COB 241 Week 3 Notes COB 241

Marketplace > James Madison University > Business > COB 241 > COB 241 Week 3 Notes
Charles Miller
GPA 3.67

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover adjusting journal entries
Financial Accounting
Dr. Irving
Class Notes
financial accounting
25 ?




Popular in Financial Accounting

Popular in Business

This 2 page Class Notes was uploaded by Charles Miller on Wednesday September 21, 2016. The Class Notes belongs to COB 241 at James Madison University taught by Dr. Irving in Fall 2016. Since its upload, it has received 5 views. For similar materials see Financial Accounting in Business at James Madison University.


Reviews for COB 241 Week 3 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/21/16
Week 3 Notes Adjusting Entries  Three absolutes when it comes to adjusting entries o Always occur at the end of a reporting period o Adjusting entries never involve cash o Adjusting entries always involve an Income Statement  Account and a Balance Sheet account  Deferrals: Adjust for an asset or liability at the end of  reporting period t for which cash was paid or received in  advance  Accruals: Record an expense/liability or asset/revenue at  the end of reporting period t before paying or receiving  cash  Depreciation: For a long term asset, an amount is charged to expense at a constant rate over the asset’s life  The Adjusting entry will never involve cash Blueprint for AJE  Deferrals (prepaid expenses, Unearned Expense, Supplies) o Original Cash entry that occurs during the reporting  period t o Adjusting entry occurs at the end of reporting period  t  Accruals (Accrued expense/revenue) o Adjusting entry occurs at the end of the reporting  period  t o Subsequent cash entry occurs at the end of reporting  period t  Depreciation o Original cash entry is made at the date of purchasing a long term asset in reporting period t o Adjusting entry occurs at the end of reporting period  t 


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.