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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

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BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
Chapter 4, Problem 2DQ
Textbook Problem
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What is the purpose of adjusting entries?

To determine

Indicate the purpose of adjusting entries.

Explanation of Solution

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and owners’ or stockholders’ equity) to maintain the records according to accrual basis principle and matching concept.

Matching concept: This accounting concept states that a company should recognize expenses in the same period those expenses are incurred to earn revenues.

Accrual principle: This principle represents to recording either an expense or revenue which does not involve cash...

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Chapter 4 Solutions

College Accounting (Book Only): A Career Approach
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Ch. 4 - In which column of the work sheetIncome Statement...Ch. 4 - Why is it necessary to make an adjustment if wages...Ch. 4 - Define depreciation as it relates to a van you...Ch. 4 - Define an internal transaction and provide an...Ch. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - The trial balance of Morgans Insurance Agency as...Ch. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Ride the Ducks of Seattle may seem like an...Ch. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Your supervisor just finished a work sheet for the...Ch. 4 - Your client is preparing financial statements to...Ch. 4 - Although you printed the trial balance and...

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