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What Effect Will This Adjusting Journal Entry Have On The Accounting Records

What Effect Will This Adjusting Journal Entry Have On The Accounting Records. The adjusting entry is made in order to adjust the cost of supplies used during the respective accounting period. The adjusting entry is made in order to adjust the cost of supplies used during the respective accounting period.

Journalize in a two column journal the adjusting entries required at december 31, 2015. 5 ratings, ( 15 votes) this adjusting entry would result in decrease in net book value. What effect will the following adjusting journal entry have on the accounting records?

As A Result Of This Entry, The Expense Increases, Which In.

Wages accrued but not paid are $4,600. The answer to the above question is all the above for the following reason: Adjusting entries do not have any effect on liabilities, since cash is not included in the adjusting entries.

Answer To Hat Effect Will The Following Adjusting Journal Entry Have On The Accounting Records?

They’re the first step in the accounting cycle. Adjusting entries (also known as end of period adjustments) are journal entries that are made at the end of an accounting period to adjust the accounts to accurately reflect the revenues and expenses of the current period. The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting.

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Decrease Net Book Value B.

Each transaction in a journal entry affects two accounts. Depreciation expense 2,150 accumulated depreciation 2,150 a. What effect will this adjusting journal entry have on the accounting records?

Which Of The Following Is Not True Regarding Depreciation?

What effect will the following adjusting journal entry have on the accounting records? Proper payroll accounting methods are important for a business for all the reasons below except. The adjusting entry is made in order to adjust the cost of supplies used during the respective accounting period.

Adjusting Entries Allow You To Adjust Income And.

Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on december 1. The supplies account balance on december 31 is $6,200.

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