adjusting entry

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Related to Adjusting Journal Entries: Financial statements
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  • noun

Words related to adjusting entry

an accounting entry made at the end of an accounting period to allocate items between accounting periods

References in periodicals archive ?
At the end of month two and three, prepare the adjusting journal entries to adjust the trading securities portfolio and the available for sale securities portfolio to fair market value.
These journal entries are called adjusting journal entries.
In the author's experience, virtually every audit client had posted passed adjusting journal entries in the first quarter of the succeeding year because they were deemed immaterial to either period.
The requirements to prepare adjusting journal entries and determine the effect on income were designed to improve the students critical thinking skills and to reinforce the necessity of being aware of how proposed journal entries effect income per the books.
Adjusting journal entries are entered as single-entry transactions.
The Adjusting Journal Entries handles any adjustments in the books, including depreciation and tax adjustments.
Also, verification that all adjusting journal entries made by the Department after the final year-end closing, after Period 14, of the Colorado Operations Resource Engine (CORE) have been approved by the State Controller as required by State Fiscal Rules.
Proposing adjusting journal entries is considered to be a normal function of an audit and is not considered a nonattest service subject to Interpretation 101-3.
Certain of the direct loans were recorded through year-end adjusting journal entries as shareholder loans.
In Chapter 4, you learned how to tell the difference between the cash-basis system, the accrual-basis system, and the accrual-adjusted approach; how to prepare and post adjusting journal entries for inventory, prepaid items, depreciation, accrued expenses, accrued revenues, changes in value for raised breeding livestock, income taxes, and deferred taxes in the accrual-adjusted approach; and how to prepare an adjusted trial balance.
For example, if a user has identified that a deferred tax asset (Flowchart A) needs to be reported in the financial statements, one would simply proceed through the steps in the flowchart to determine the accounts, amounts, and direction of change for the appropriate adjusting journal entries.
Valdes & Associates (CJVA) presented to PAIM management the preliminary financial statements with proposed adjusting journal entries and management letter.