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The purpose of the preparation of adjusting entries is to ensure that revenues are being recorded during the period they are earned and expenses are being recorded during the period they are incurred.
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Describe the nature and purpose of correcting adjusting and correcting entries?
what is a corrective entry? what is a corrective entry?
Does a reversing entry reverse an adjusting entry or a transaction entry?
Reversing entry can be make to reverse any entry whether it is actual transaction entry or any adjusting entry.
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
Describe the nature and purpose of correcting adjusting and correcting entries?
what is a corrective entry? what is a corrective entry?
Does a reversing entry reverse an adjusting entry or a transaction entry?
Reversing entry can be make to reverse any entry whether it is actual transaction entry or any adjusting entry.
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
Which one of the accounts below would likely be included in an accrual adjusting entry?
Unearned rent would likely be included in an accrual adjusting entry.
An adjusting entry should never include?
CASH!
WhAT accounts will never require an adjusting entry?
Cash
How do you write and adjusting entry for building depreciate?
how to write and ajusting entry for building depreciate and equipment
What is the effect of the adjusting entry for Depreciation expense?
The entry increases total assets and increases total expenses
