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If there is a balance in the prepaid rent account after adjusting entries are made it represents?
Wiki User
∙ 9y ago
A liability is what it represents.
Wiki User
∙ 9y ago
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What does adjusting entries affect?
always affectsa balance sheet and an income statement account
Does every adjusting entry have an effect on determining the amount of net income for a period?
Yes it will, because all adjusting entries affect at least one income statement account and one balance sheet account.
What 's the required adjusting entry if prior to recording adjusting entries the office supplies account had a 359 debit balance a physical count of the supplies showed 105 of unused supplies availabl?
254
How do you adjust entries in trial balance?
you must see additional information and adjusting entries prepare an accordance with accept principles. The balance is accrued or prepaid
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
What affect Adjusting entries?
always affectsa balance sheet and an income statement account
What does adjusting entries affect?
always affectsa balance sheet and an income statement account
Why adjusting entries are necessary?
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
Does every adjusting entry have an effect on determining the amount of net income for a period?
Yes it will, because all adjusting entries affect at least one income statement account and one balance sheet account.
Do adjusting entries always have an effect on the balance sheet?
yes
Will an adjusting entry ever affect the asset account called cash?
Adjusting entries never affect cash. The entry is entered to make sure that the books match what the cash balance says.
What 's the required adjusting entry if prior to recording adjusting entries the office supplies account had a 359 debit balance a physical count of the supplies showed 105 of unused supplies availabl?
254
How do you adjust entries in trial balance?
you must see additional information and adjusting entries prepare an accordance with accept principles. The balance is accrued or prepaid
Do adjusting journal entry affect the income statement or balance sheet?
Adjusting entries affect at least one income statementand one balance sheet
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
Why you do adjusting?
so that we know the errors and ommisions in the entries and we correctly find the balance at the end
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
