Module 2Adjusting the Accounts BluJay Aviation BluJay Aviation: Episode 2 In Episode 2, Wren and Brad continue their discussion about starting BluJay Aviation and the company's anticipated scope of operations

Module 2Adjusting the Accounts

BluJay Aviation

BluJay Aviation: Episode 2

In Episode 2, Wren and Brad continue their discussion about starting BluJay Aviation and the company's anticipated scope of operations. With a plan to keep their own books, at least at first, they end the discussion brushing up on the accounting equation, Assets = Liabilities + Owners' Equity (A = L + OE), the basis of all accounting systems.

In the second video on the accounting equation, follow how seven basic transactions affect it.

Watch BluJay Aviation - Episode 2 and the video on the accounting equation, and then complete the quiz.

An adjusting journal entry is an entry made in the ledger to record revenues and expenses that have been paid in cash.

True

False