adjusting entry

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Related to Adjusting Journal Entries: Financial statements
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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 ?
Learning Objective 9 * To post adjusting journal entries. If the farm accountant chooses to record journal entries to make adjustments as illustrated in this chapter, the next step in the year-end procedures is to post them to the ledger accounts.
(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.) Instead, the entries at WM were suspended.
* Includes an additional representation regarding the client's acceptance of proposed adjusting journal entries, if any.
Assuming your firm has internal controls in place, only a select few people should be able to access and make adjusting journal entries anyway.
Adjusting journal entries are entered as single-entry transactions.
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.