How does the timing of adjusting entries differ from the accounting for daily transactions?
How does the timing of adjusting entries differ from the accounting for daily transactions?
Homework Answers
ANSWER
ADJUSTING ENTRIES- AT THE YEAR END OF ACCOUNTING PERIOD
DAILY TRANSACATION-AT THE TIME OF TRANSACTION
THE TIMING OF BOTH ENTRIES THAT IS ADJUSTING ENTRIES AND DAILY TRANSACTIONS COMES BECAUSE OF THE PURPOSE OF ADJUSTING ENTERIES THAT IS TO CONVERT CASH TRANSACTION INTO THE ACCRUAL ACCOUNTING METHOD.THE ENTERIES ARE MADE IN ACCORDANCE WITH THE MATCHING PRINCIPLE TO MATCH EXPENSES TO THE RELATED REVENUE IN THE SAME ACCOUNTING PERIOD.
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Journalize the adjusting entries for the following adjustments at March 31, the end of the accounting period, omitting explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) est a. Employoe salaries owed for Monday through Thursday of a five-day workweek, $8,000. Journal Entry Accounts Date Debit Credit Mar Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All...
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Journalize the transactions and the adjusting entries. If an
amount box does not require an entry, leave it blank. Do not round
intermediate calculations.
Journalize the adjusting entries for the following adjustments at March 31, the end of the accounting period, omitting explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) est a. Employoe salaries owed for Monday through Thursday of a five-day workweek, $8,000. Journal Entry Accounts Date Debit Credit Mar Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All...
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