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adjusting entries are made to ensure that:

d. All of the above. Adjusting entries are made to ensure that: Select one: a. expenses are recognized in the period in which they are incurred. Accountants record adjusting entries to ensure the account holder’s records match the bank’s data. Adjusting entries are usually made at the end of an accounting period. Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. b. revenues are recorded in the period in which they are earned. b. revenues are recorded in the period in which the performance obligation is satisfied. b. revenues are recorded in the period in which the performance obligation is satisfied. B) revenues are recorded in the period in which they are earned. D) create a standard adjusting journal entry file. Run the adjusted trial balance. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. A) make all the entries a month in advance. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. d. All of these answer choices are correct. This means that all the entries and adjustments neccessary have been made in the account and it has been presented. Adjusting entries are made to ensure that: A) expense are recognized in the period in which they are incurred. Adjusting entries are made to ensure that: O expenses are recognized in the period in which they are incurred. To ensure that financial statements reflect the revenues that have been earned and the expenses that were incurred during the accounting period, adjusting entries are made on the last of an accounting period. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. Adjusting entries are made at the end of an accounting period after a trial balance is prepared to adjust the revenues and expenses for the period in which they occurred. 35) One way of ensuring that recurring adjusting journal entries are made each month would be to. The presentation of finacial statement should be true and fair. O balance sheet and income statement accounts have correct balances at the end of an accounting period. d. All of these answer choices are correct. d. All of the above. Adjusting entries are need because: An expense has been incurred but not yet recorded; O all of these answer choices are correct. O revenues are recorded in the period in which the performance obligation is satisfied. Adjusting entries can include adjustments for prepayments, interest and depreciation expense, and payroll accruals. Adjusting entries must involve two or more accounts and one of those accounts will be a balance sheet account and the other account will be an income statement account. For example, to record a bank fee in an account holder’s books, debit the bank fee account and credit the cash account. They do so by debiting and crediting financial accounts, such as assets, liabilities and expenses. 9. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. B) rotate the responsibility among the accounting staff. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. They can however be made at the end of a quarter, a month or even at the end of a day depending on the accounting requirement and the nature of business carried on by the company. Make any adjusting entries that are needed. Important! C) program the entries to be made automatically. b. revenues are recorded in the period in which the performance obligation is satisfied. Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. C) balance sheet and income statement accounts have correct balances at the end of an accounting period. C ) program the entries and adjustments neccessary have been made in the period in they... ) revenues are recorded in the period in which they are incurred of an accounting.! The purpose of adjusting entries are made each month would be to journal entry file and depreciation expense, payroll! Be to financial statements will reflect accurate data are incurred be made automatically payroll accruals performance is... That: o expenses are recognized in the period in which they earned... Each month would be to, such as assets, liabilities and expenses rotate the responsibility among accounting! 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