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An adjusting entry at December 31, 1999 is needed to adjust the swap to its fair value of $45,000.
An adjusting entry is made at year end for 1998 to adjust the futures contracts to fair value based on the closing price for that date.
For this reason, when using an allowance account, assume that the other side of the adjusting entry will be entirely to COGS (rather than to a loss account or to some combination of the two accounts).
An adjusting entry must be made (and the inventory detail adjusted) to write down the 700 units of Item A in ending inventory from the recorded unit value of $16 to the DMV of $15, as shown below:
31 Adjusting entry for market value of hay on hand (33) 2,300 2,300 Dec.
SEC's contemplated adjustment Year 5 adjusting entry Payable $100 Expense $100 This adjustment would correctly reduce the liability to zero, but it would also understate the expense by $80 in year 5.
This suggests that an adjusting entry could be used to recast the 2000 financial statements.
"Misstatements" in this context refers to those that would normally be corrected by a journal or adjusting entry. The new standard could be promulgated as either an accounting or auditing standard (or both).