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Adjusting entries are made for different reasons like errors in previous journal entries or adjustment at month end or year end for accruals etc.

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10y ago

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Related Questions

What are the types of journal entry?

1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry


What happens if the adjusting entries to the general ledger are wrong?

You would reverse the journal entry then record the correct entry.


Journal entry for adjusting closing stock with purchases?

what is entry of closing stock in p & L a/c & balance sheet


Adjusting journal entry to record bad debt?

Debit bad debtsCredit accounts receivable


How do you record adjusting journal entry for credit sale?

Type your answer here... party a/c Dr. to sales


How do the adjusting entries differ from othe journal entries?

Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.


Do adjusting journal entry affect the income statement or balance sheet?

Adjusting entries affect at least one income statementand one balance sheet


How do you journalize adjusting entry license future year?

Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.


How do you prepare the adjusting journal entry to write off bad debt?

debit bad debts accountcredit accounts receivable


What is an adjusting entry?

journal entries recorded to update general ledger accounts at the end of a fiscal period. it is made to prevent or correct errors that may happen in the system. To see how to make an adjusting entry, visit: http://www.accounting7.com/content/exercise-adjusting-account-entries-accounting


At the end of the month the adjusting journal entry relating to the use of supplies would include a?

debit supplies expensescredit supplies inventory


What is a compound journal entry?

Compound journal entry is that entry which records more than one business transaction in one single journal entry.