What is the difference between adjusting entries and closing entries?
What is the difference between adjusting entries and correcting entries? A. Both adjusting entries and correcting entries are a planned part of the accounting process. B. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. C. Both adjusting entries and correcting entries are not a planned part of the accounting process. D. Correcting entries are a planned part of the accounting process, adjusting entries are not planned...
Describe the purpose of adjusting entries, closing entries, and the post-closing trial balance. What is the most important output of the accounting cycle? What was the most difficult part of the accounting cycle for you to understand? Answer these questions with a minimum posting of 150 words that is complete, thoughtful, and written in Standard English.
Closing entries are journalized and posted . 0 A, before posting the adjusting entries O B. after preparing the financial statements ° C. throughout the accounting period O D. after preparing the post-closing trial balance
1. Do adjusting entries affect the income statement? Explain. 2. Do closing entries affect the income statement? Explain 3. Closing entries are required to close revenue and expense to retained earnings. What other account needs to be closed out? 4. Name an asset that can never be affected by an adjusting entry, and explain why. 5.Why is revenue closed with a debit ?
what is the difference between double entry and closing entry?
Why is it unethical not to record adjusting entries when required? What difference does it make?
Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial Balance Complete Part 1 and Part 2. Part 1 Shown below is Johnson Travel Agency’s adjusted trial balance as of the end of its annual accounting period: Johnson Travel Agency’s Adjusted Trial Balance December 31 Account Name DR. CR. Cash $ 52,000 Accounts receivable 18,900 Office equipment 31,500 Accumulated depreciation—Office equipment $7,500 Notes payable 11,260 Capital stock 42,500 Dividends 2,500 Fees earned 98,000 Salaries expense 45,200 Rent expense...
Adjusting, Closing and Reversing Entries
1. Prepare the entries without making a reversing entry. For a
compound transaction, if an amount box does not require an entry,
leave it blank. If no entry is required, select "No Entry Required"
and leave the amount boxes blank or enter "0".
2. Prepare the entries with the use of a reversing entry. If
an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required"...
Why are adjusting entries needed? What are the four scenarios that lead to the four types of adjusting entries? What are the four financial statements, and what does each of them convey about an organization? What do closing entries do, and how do they work?
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses...