0
What else can I help you with?
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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
Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
Are Adjusting journal entries dated on the last day of the period?
There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.
Is closing entries normally entered in the general journal and then posted to the work sheet?
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
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.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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
Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
Are Adjusting journal entries dated on the last day of the period?
There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.
Is closing entries normally entered in the general journal and then posted to the work sheet?
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
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 are two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
What of the two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
Which transaction is entered in the general journal?
Transactions entered in the general journal typically include those that cannot be recorded in specialized journals, such as sales, purchases, or cash receipts. Examples include adjusting entries, owner distributions, or unique transactions that don't fit standard categories. Each entry includes the date, accounts affected, amounts, and a brief description of the transaction. This helps maintain a comprehensive record of all financial activities for accurate accounting and reporting.
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
