You have been working long hours trying to calculate and prepare adjusting entries. You have now...
You have been working long hours trying to calculate and prepare adjusting entries. You have now decided this is too much work and you will not bother to prepare these entries in the future. Discuss the purpose of adjusting entries, and whether or not you have made the correct decision. Provide specific examples as to why or why not you believe this is the correct decision.
Homework Answers
No,the decision made is not correct. As mistakes are common in every aspects, accounting also may have some mistakes. We need to rectify and adjust the mistakes for the correct and appropriate information. Every share holder and outsiders rely on the financial statements and invest in the company. It is the responsibility of the company to provide accurate information to the public. To have the correct information, we need to rectify and adjust the entries.
Adjusting entries are prepared at the end of financial year,before preparing the financial statements. We cannot ignore adjusting entries and continue the process. It is an important step to perform for preparation of financial statement. Adjusting entries can be made for different purposes:
- Entries with different journal entries
- Entries with wrong amount
- Ignoring the entry
- Recording the entry twice or more
In the following situations,adjusting entries will be made
Some of the examples are
- Sales account is created in journal entry for furniture sold.
- 5000 is debited instead of 500
- Entry was not recorded for interest paid
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