The timing of adjusting entries can alter the analysis of a company. As the full-charge bookkeeper, it is your job to ensure that the adjusting entries are entered on a timely basis. You have noticed that the adjusting entry to transfer the current year’s portion from mortgage payable – long term to mortgage payable – current has not been entered. You mention it to your controller and are told not to record this adjusting entry. The company is applying for a loan from the bank and the controller found out that the loan officer looks only at the current assets
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