Adjusting Entry

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Adjusting Entry

1. An adjustment made to a company's financial records at the end of an accounting period to assign revenues and expenses to the days on which the events justifying them occurred or on which the revenue was received, depending on the situation. For example, if a company is paid in advance for the purchase of some good, an adjusting entry may recognize that revenue on the day the good was delivered. Likewise, if the company was paid after delivery, it may recognize the revenue on the day it was paid. See also: Accrued Expenses, Accrued Revenue, Prepaid Expenses, Unearned Revenue.

2. Any correction to a previous entry in a company's financial records.
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is used to help students get a basic understanding of adjusting entries by preparing journal entries randomly picked from a game board.
During the subsequent presentation of the adjusting entries for this first year, students are asked whether Jerry's letter influenced their decisions of what entries to record, and whether Jerry acted appropriately.
Bookkeeping and write-up - Using a scanner and Internet connection, clients' bookkeeping and accounting becomes easier and cost effective, as the Xpitax bookkeeper will record client data into the general ledger, make adjusting entries, and prepare and complete financial statements and tax returns.
As part of the process to complete its restated financial statements, NDCHealth is assembling the detailed support required to make the specific adjusting entries for the items described above.
The firm opined Price should have made a large number of adjusting entries before issuing its audit opinion.
At the end of an accounting cycle, whether monthly, quarterly or annually, worksheets are set up, adjusting entries are made, and financial statements and reports are prepared.
The Certified Bookkeeper exam is given in three parts, two hours each, and covers adjusting entries, error correction (including bank reconciliation), payroll, depreciation (book and tax), and recording and costing out merchandise inventory.
The interpretation is structured to allow an accountant who performs all services, including input of adjusting entries, to avoid the requirements of SSARS by having the client push the computer print button to generate the financial statements.
However, considering the adjusting entries made over the past year, we believe that our balance sheet is now drawn up on a conservative basis and that no more major asset writedowns are to be expected," commented Bernard Gervais, President and Chief Executive Officer of MaBaie.
Simply Accounting maintains a full time audit trail and provides the user with an automated function for handling adjusting entries that makes corrections simple while maintaining accounting integrity.
The accountant can view key financials, GL activity and make any needed adjusting entries without leaving his office.
The delay in filing is due to adjusting entries necessary under the Purchase Method of Accounting, to comply with E.