Asked by Viktoriia Gervasi on Jul 05, 2024
Verified
Adjusting journal entries are dated on the last day of the period.
Adjusting Journal Entries
Adjusting journal entries are made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
- Acquire knowledge about the essentials of adjusting entries and their repercussions on financial statements.
- Describe the procedure and importance of creating an adjusted trial balance.
Verified Answer
RB
Rahim BabwaniJul 11, 2024
Final Answer :
True
Explanation :
Adjusting journal entries are made at the end of the accounting period to adjust the accounts for accruals, deferrals, and estimates. These entries are posted on the last day of the accounting period before the financial statements are prepared.
Learning Objectives
- Acquire knowledge about the essentials of adjusting entries and their repercussions on financial statements.
- Describe the procedure and importance of creating an adjusted trial balance.
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