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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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∙ 9y ago
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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.
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
How do you prepare the adjusting journal entry to write off bad debt?
debit bad debts accountcredit accounts receivable
At the end of the month the adjusting journal entry relating to the use of supplies would include a?
debit supplies expensescredit supplies inventory
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.
