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What adjusting entry is unique to a corporation?
A unique adjusting entry to a corporation is related to dividends payable. When a corporation declares dividends, it must record an adjusting entry to recognize the liability for the declared amount, even if the payment will occur in a future period. This entry typically involves debiting retained earnings and crediting dividends payable, reflecting the obligation to distribute profits to shareholders.
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.
Journalize entry - Repairs to building 200 Dollars?
building repairs a\c dr 200 To cash a\c 200
How do you journalize Made an entry to adjust for the expired portion of the insurance premium?
Can you please make your question easier to understand? Thanks :)
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.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
How do you journalize a payment in kind journal entry?
issued check for newspaper advertising for $200
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
How do you journalize membership dues expense?
To journalize membership dues expense, you would debit the Membership Dues Expense account to reflect the cost incurred. At the same time, you would credit either Cash or Accounts Payable, depending on whether the dues were paid immediately or will be paid in the future. For example, if you paid $500 in dues, the journal entry would be: Debit Membership Dues Expense $500 and Credit Cash $500. This entry records the expense and reduces your cash or establishes a liability.
What is an example of an adjusting entry for deferred items?
An example of an adjusting entry for deferred items is the recognition of unearned revenue. When a business receives payment in advance for services or goods to be delivered in the future, it initially records this as a liability. As the services are performed or goods delivered, an adjusting entry would debit the unearned revenue account and credit the revenue account, reflecting the income earned during the period. This ensures that revenue is recognized in the correct accounting period.
