When Examining the Work an Accountant Performs for Many Organizations

Essay

When examining the work an accountant performs for many organizations, many of the challenges revolve around creating adjusting entries that bring the accounts into an accrual accounting basis.Four such adjusting entries may include accounting for accrued revenues (unrecorded revenues), accrued expenses (unrecorded expenses), deferred revenue (previously recorded revenues), and deferred expenses (previously recorded expenses).
Required:
For each type of adjusting entry listed above, discuss an example adjusting entry that a lighting retailer might make.