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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.
What is the difference between journal entries vs adjusting entries?
Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.
Should journal entries be listed chronologically?
Yes, all journal entries should be recorded in a order in which they occur so as per this all journal entries should be listed chronologically.
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
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.
What are the accounting journal entries to record donated equipment?
debit assetcredit donations
What are the accounting journal entries to record installiation of equipment?
debit installation chargescredit cash
Are adjusting entries entered into the general journal before they are recorded in the work sheet?
false
Journal entries should be posted in what order in accounting?
Journal entries should be posted in chronological order means as it happens if any transaction happend first it should be recorded first.
What are the purpose of making adjusting journal entries?
Adjustments are made to journal entries to correct mistakes. Adjustments can also be made to ensure accounts balance, but this is normally done for internal purposes.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
When a company purchases equipment on account what journal entries are created?
debit equipmentcredit accounts payable
