Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
To complete the measurement process, companies need to update balances of assets, liabilities, revenues and expenses for changes created by adjusting entries.
What is adjusting entry?
An adjusting entry is the entry that is posted after the posting of all the journal entries for a period, all the transactions are posted and then at the end of the period the adjusting entry is recorded.
The adjusting entry balances and effects the balance of the assets, liabilities, revenue and expenditure at the end of the period.
Adjusting entry is also posted when the reversing effect of the journal entry is to be posted and this results in the change of the account balances of assets and liabilities of the company.
The balance sheet and income statement is prepared after the posting of journal and adjusting entries.
Learn more about adjusting entry at https://brainly.com/question/27274229
#SPJ1
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
