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AccountingCollege Accounting (Book Only): A Career Approach12th Edition
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Why is it necessary to journalize and post adjusting entries?

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College Accounting (Book Only): A ...

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

Solutions

Chapter
Section
Problem 1QY
Problem 2QY
Problem 3QY
Problem 4QY
Problem 5QY
Problem 6QY
Problem 7QY
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 1PA
Problem 2PA
Problem 4PA
Problem 5PA
Problem 1PB
Problem 2PB
Problem 4PB
Problem 5PB
Problem 1A
Problem 2A
Problem 3A
Problem 4A
Problem 1CP
BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
Chapter 4, Problem 8DQ
Textbook Problem
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Why is it necessary to journalize and post adjusting entries?

To determine

Explain the necessity of journalizing adjusting entries and posting those 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.

Necessity of journalizing adjusting entries and posting those entries: Worksheet is an accounting...

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College Accounting (Book Only): A Career Approach
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