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What would Failure to prepare an adjusting entry at the end of the period to record an accrued expense cause?
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Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause?
Would cause the Trial balance not to balance
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
Show me How do you prepare an income statement?
fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
How do you prepare the adjusting journal entry to write off bad debt?
debit bad debts accountcredit accounts receivable
What is the steps in accounting process?
1 - Collect source document 2 - Analyze the transaction 3 - Journalize transaction 4 - Posting transaction 5 - Prepare unadjusted trial balance 6 - Prepare adjusting entries 7 - Prepare trial balance 8 - Prepare financial statements
Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause?
Would cause the Trial balance not to balance
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
What is Expense Budgeting Why we have to prepare Expense Budgeting?
26.0
Show me How do you prepare an income statement?
fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
How do you prepare the adjusting journal entry to write off bad debt?
debit bad debts accountcredit accounts receivable
What is the steps in accounting process?
1 - Collect source document 2 - Analyze the transaction 3 - Journalize transaction 4 - Posting transaction 5 - Prepare unadjusted trial balance 6 - Prepare adjusting entries 7 - Prepare trial balance 8 - Prepare financial statements
How do you prepare journal entries to record income tax expense and the effects of net operating loss carrybacks?
no one knows
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
Why do some accountants prepare an end of period spreadsheet?
The end-of-period spreadsheet is a working paper used to summarize adjusting entries and the account balances for the financial statements.
How do you prepare an adjusting journal entry to record bad debts expense?
Bad debts DR Allowance for doubtful debt CR Some accounting practioners may use provison for doubtful debts instead of allowance for doubtful debts. Example of bad debts, suppose a customer was unable to pay their debts totalling $150. This will be the journal entry for the transaction: Bad debts 150 Allowance for doubtful debts 150
How do you rectify the errors by passing journal entries and prepare a suspense account?
Errors can be rectify by adjusting the previously made journal entries as per the errors found and suspense account is created when there is some confusion or information missing without which it is not possible to prepare full double entry so that suspense account is used there to temporarily complete the transaction.
Which of the following items on a bank reconciliation would require an adjusting entry on the company's books?
After a bank reconciliation is prepared, prepare an adjusting journal entry on the company's books for all items that were recorded by the bank, but not recorded in the books. These usually include:Corrections made by the bankBank feesInterest income recorded by the bankInsufficient fund (NSF) checksElectronic Fund Transfer (EFT) deposits made to the bank account, but not recorded in the books.
