![]() It is a system as old as the painting of the Mona Lisa. As needed, current balances can be determined for any or all of these accounts by netting the debits and credits. Each of the debits and credits is then posted to the corresponding T-account located in the ledger. Once determined, the impact an event has on specific accounts is recorded in the form of a journal entry. Question: The first two steps of the accounting process were identified in Chapter 4 “How Does an Organization Accumulate and Organize the Information Necessary to Prepare Financial Statements? “ as “analyze” and “record.” A transaction occurs and the financial effects are ascertained through careful analysis. Describe the reason that accrued expenses often require adjusting entries but not in every situation.Provide examples of adjusting entries for various accrued expenses.List examples of several typical accounts that require adjusting entries.Explain the purpose and necessity of adjusting entries.At the end of this section, students should be able to meet the following objectives: ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |