Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 3, Problem 15QS
To determine

Concept Introduction:

Adjustment entries are the entries that are recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. The adjustment entries affect at least one balance sheet account and at least one income statement account.

To determine: The account to be debited and the account to be credited and identify the account which is the income statement account and is the account which is the balance sheet account.

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