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Topic: Adjusting entries

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	Adjusting Entries
		Adjusting entries are journal entries made at the end of the accounting period to allocate revenue and expenses to the period in which they actually are applicable.
		Adjusting entries are required because normal journal entries are based on actual transactions, and the date on which these transactions occur may not be the date required to fulfill the matching principle of accrual accounting.
		This adjusting entry transfers $1000 from the Prepaid Expenses asset account to the Insurance Expense expense account to properly record the insurance expense for the month of September.
	www.netmba.com /accounting/fin/process/adjusting (581 words)

	Online Accounting Course \| Adjusting Entries (1)
		Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting.
		An adjusting entry is needed so that December's interest expense is included on December's income statement and the interest due as of December 31 is included on the December 31 balance sheet.
		Adjusting entries assure that both the balance sheet and the income statement are up-to-date on the accrual basis of accounting.
	www.accountingcoach.com /online-accounting-course/08Xpg01.html (2317 words)

	[No title] (Site not responding. Last check: 2007-10-10)
		Without the adjusting entry, both the prepaid rent and the rent expense accounts would have been unreasonable and the financial statements would not have presented a reasonable picture of the company's results of management operations or its resources and their sources.
		Without the adjusting entry, both the prepaid insurance and the insurance expense accounts would have been unreasonable and the financial statements would not have presented a reasonable picture of the company's results of management operations or its resources and their sources.
		Adjusting entry for wages If you ever had a part-time or full-time job you know it was common to have to wait several days or a week between the time you worked and the time you received your pay.
	faculty.uml.edu /ccarter/Chapter042005UML.doc (9491 words)

	[No title]
		Adjusting entries are needed to increase or decrease the firm\rquote s revenue, expense, asset, and liability accounts for the effects of partially completed transactions.
		The four categories of adjusting entries and the economic activities that produce circumstances requiring adjustment are: \par }\pard \sa99\nowidctlpar\widctlpar\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tx9360\tx10080\tx10800\tx11520\tx12240\tx12960\adjustright {\cs16\b\f1\fs28\ul Unrecorded revenue}{\cs16\b\f1\fs28 : At year-end a continuous revenue transaction (e.g., service or rent) is partially complete.
		The adjusting entry is: \par }\pard\plain \fi-1080\sa120\nowidctlpar\widctlpar\tx1980\tldot\tx7920\tx8640\tx9360\tx10080\tx10800\tx11520\tx12240\tx12960\tx13680\tx14400\tx15120\tx15840\tx16560\tx17280\tx18000\tx18720\adjustright \fs20 {\fs24 \sect }\sectd \marglsxn2608\sbknone\linex0\footery1560\sectdefaultcl {\footer \pard\plain \nowidctlpar\widctlpar \tqc\tx6120\tx7920\tx8640\tx9360\tx10080\tqr\tx10620\tx10800\tx11520\tx12240\tx12960\tx13680\tx14400\tx15120\tx15840\tx16560\tx17280\tx18000\tx18720\tx19440\adjustright \fs20 {\cs16\fs18 Copyright \'a9 1996 by McGraw-Hill, Inc.}{\cs16\fs24 \tab \chpgn \par }}\pard\plain \s21\li-1080\nowidctlpar\widctlpar\tx1440\tldot\tx7920\tx8640\tx9360\tx10080\tx10800\tx11520\tx12240\tx12960\tx13680\tx14400\tx15120\tx15840\tx16560\tx17280\tx18000\tx18720\adjustright \b\f1\fs28 {\cs16\b0 \tab \tab }{\cs16 Service revenue........................................
	www.cob.ohio-state.edu /~ramamurthy_3/rr211/homework/hw4.doc (3010 words)

	Adjusting Entries
		The adjusting entry is needed because the interest was accrued during that period but is not payable until sometime in the next period.
		The adjusting entry is posted to the general ledger in the same manner as other journal entries.
		For deferrals, a journal entry already has been made in asset or liability accounts and an adjusting entry is needed to move the balances to expense or revenue accounts in the next accounting period.
	www.quickmba.com /accounting/fin/adjusting-entries (432 words)

	The Adjusting Process
		Journal entries are triggered during the month by paper documents sent to or received from external parties such as sending out or receiving bills or the invoice on a piece of equipment purchased.
		Adjusting entries occur because we have purposely allowed certain transactions to not be recorded on a daily basis because the cost of the entries would be greater than the benefits from more accurate information.
		Accrual basis accounting requires that the expense and liability related to this entry should be recorded as an adjusting entry.
	www.clt.astate.edu /LMOORE/tutoria/adjusting.htm (1182 words)

	Financial and Managerial Accounting \| Chapter Summary
		The purpose of adjusting entries is to allocate revenue and expenses among accounting periods in accordance with the realization and matching principles.
		These end-of-period entries are necessary because revenue may be earned and expenses incurred in periods other than the one in which the related transactions are recorded.
		The four basic types of adjusting entries are made to (1) convert assets to expenses, (2) convert liabilities to revenue, (3) accrue unpaid expenses, and (4) accrue unrecorded revenue.
	highered.mcgraw-hill.com /sites/0072396881/student_view0/chapter4/chapter_summary.html (890 words)

	[No title]
		The adjusting entries placed on the worksheet are not formal adjusting entries but reflect the same account changes as formal adjusting entries and allow earlier preparation of the financial statements.
		Adjusting entry Warranty expense 50,000 Estimated warranty liability 50,000 Reversing entryNo—the cost of claims is debited to the liability, not to the expense.
		The adjusted trial balance generally reflects a greater number of accounts due to adjusting entries that involve accounts that were not present in the unadjusted trial balance.
	www.fiu.edu /~greene/Sol-dykman/chap03.doc (8387 words)

	Accounting Tutorial
		Adjusting entries are made so the revenue recognition and matching principles are followed.
		Adjusting entries should not be confused with correcting entries, which are used to correct an error.
		The reversing entry effectively allows the accountants to make adjusting entries without causing the books to be incorrect; the payroll department continues to make routine entries, and doesn't need to make any special entries or allocations.
	www.middlecity.com /ch04.shtml (2726 words)

	LOBk4
		Adjusting entries are needed to ensure that the revenue recognition and matching principles are followed.
		An adjusting entry for unearned revenues will result in a decrease or a debit to a liability account and an increase or a credit to a revenue account.
		The purpose of the adjusted trial balance is to prove the equity of the total debit balances and total credit balances in the ledger after the adjusting entries have been made.
	www.wku.edu /~jack.hall/acct200/kimmel_LOBs/LO4k.htm (522 words)

	AmSouth Bank \| Tips & Tools
		Adjusting entries are made at the end of an accounting period to account for items that don't get recorded in your daily transactions.
		In a traditional accounting system, adjusting entries are made in a general journal.
		If your accountant prepares adjusting entries, he or she should give you a copy of these entries so that you can enter them in your general ledger.
	www.amsouth.com /smallbusiness/tips_and_tools/text/P06_1530.asp (250 words)

	ACC 211
		Adjusting entries are general journal entries, which create balances in the general ledger accounts that equate to GAAP dictates.
		In situations in which general ledger account balances already equate to GAAP dictates, adjusting entries are unnecessary.
		In situations in which general ledger account balances do not equate to GAAP dictates, adjusting entries are necessary prior to the time when financial statements are prepared.
	www.tcc.edu /faculty/webpages/TLeonard/211H03.htm (1060 words)

	Making Adjusting Entries, Hospitality Property Management System, Hotel, Condominium, Resort Software
		To adjust a GL account, enter "YY" as the table followed by the account number.
		The purpose of an adjusting entry is to allow you to change the balance of ANY account in the TOTALSyy file.
		Remember, it is critical to make an entry from the RDP property management ledger to a full back office general ledger of your choice.
	www.resortdata.com /Customers/Knowledge/KB-DOS/K000011.htm (297 words)

	Adjusting Journal Entries
		Adjusting journal entry is a journal entry prepared to adjust account balances.
		Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date (the date at the end of an accounting period).
		Analyze the differences between correct and current balances and prepare journal entries to adjust such differences.
	accountinginfo.com /study/je/aje/aje-01.htm (374 words)

	[No title] (Site not responding. Last check: 2007-10-10)
		The entries covered transactions in which companies incorporate, buy assets, incur expenses and generate revenue from the sale of their product or service.
		Entries are automatically recorded and posted for these transactions.
		These entries are called adjusting entries and they are recorded at the end of a time period, e.g.
	www.personal.psu.edu /faculty/m/j/mjd10/Dailey/inst_8.doc (946 words)

	[No title]
		Need for Adjusting and Closing Entries [10 minutes, Medium] Memorandum Alex, adjusting entries are required at the end of each accounting period to ensure that all of the revenues and expenses of a business are recorded.
		If adjusting entries are not made each accounting period, the revenue and expense recognition rules are violated and you will obtain a distorted view of your company's profitability.
		Recorded adjusting entry for supplies used during the last month of the year by debiting Supplies and crediting Supplies Expense O N O 5.
	www.humboldt.edu /~rlh3/BA250/ch05hw.doc (1722 words)

	lecturech4
		That is, prepare an unadjusted trial balance, record and post adjusting entries, prepare an adjusted trial balance (optional), prepare financial statements, record and post closing entries, and prepare a post-closing trial balance.
		expenses be matched to such revenues when incurred, adjusting entries are necessary at the end of the accounting cycle.
		This is accomplished by referring to the original transaction entry and prepare a timeline to analyze the effects of the passage of time.
	www.clscc.cc.tn.us /Courses/jmeir/ACC2010/lecturech4.htm (1655 words)

	Resources for Adjusting Journal Entries (Site not responding. Last check: 2007-10-10)
		The advantage of the immediate recognition approach is that the number of adjusting journal entries is reduced.
		Both approaches yield the same financial statements assuming the required adjusting entries are recorded.
		The standard approach requires more adjusting entries to be made, and therefore more care in examining contracts and other documents to determine the required AJEs is needed.
	www.swcollege.com /accounting/students/fam_journal_reso2.htm (292 words)

	Bookkeeping
		Bookkeeping entries are made in a journal, which is a chronological record of all transactions.
		For example, the journal entry for a transaction involving a cash payment for a new stapler might debit the cash account by the amount paid and credit the office supplies account for the value of the stapler.
		Adjusting entries usually involves unrecorded costs and revenues associated with continuous transactions, or costs and revenues that must be apportioned among two or more accounting periods.
	www.referenceforbusiness.com /small/Bo-Co/Bookkeeping.html (722 words)

	Adjusting (Site not responding. Last check: 2007-10-10)
		The Testing, Adjusting and Balancing Bureau (TABB) is committed to the welfare of the general public, engineers, building owners and design professionals to...
		It doesn't matter if you are active duty adjusting to family and friends or a reservist returning to work, this Blog is for you.
		LockJaw is a patented revolutionary self- adjusting plier that adjusts automatically to any size object; thick or thin with the same pressure.
	adjusting.chezrad.com (231 words)

	Ch (Site not responding. Last check: 2007-10-10)
		We make an adjusting entry and debit an expense account for this accrued, or added amount and credit a liability account to show that we owe it in the future.
		This will change the adjusting entry to a debit to a prepaid account and a credit to an expense account for the portion still prepaid.
		This will change the adjusting entry to a debit to revenue earned and a credit to unearned revenue, for the portion still unearned.
	www.nv.cc.va.us /home/egoldberg/211FAP17ch3notes.htm (978 words)

	[No title]
		Remember adjusting entries are made only at the end of the fiscal period, which, in this case, is Oct, 31.
		So entries made not on Oct, 31 are not adjusting entries.
		However, we do not know for sure whether the entries made on Oct, 31 are adjusting entries.
	www.uic.edu /classes/actg/actg315zhang/Entries_for_KiesoCh3-Answers.doc (514 words)

	[No title]
		Record the adjusting entry related to unearned rent at 12/31/01.
		Record the adjusting entry related to uncollected rent at 12/31/01.
		Record the necessary adjusting entry on December 31, 2001.
	www.shsu.edu /~aac_eca/class/365/homework/chapter3.doc (1343 words)

	[No title] (Site not responding. Last check: 2007-10-10)
		Because Accrual Accounting is based on timing and not when cash is received or paid, it will require Adjusting Entries at the end of every accounting period in order to update all revenues (if now earned) and all expenses (if now "used up").
		Adjusting Entries Necessary entries that update all unrecorded Revenues & Expenses due to the passage of time.
		Post Adjusting Entries to Ledger & Prepare Adjusted Trial Balance Adjusted Trial Balance - includes the effects of adjusting entries (all ending balances are now up-to-date) The Adjusted Trial Balance again proves debits = credits CLOSING ENTRIES All Temporary Accounts must be closed at the end of period.
	acct.tamu.edu /barrett/CHAPTERS/229CH4-99a.doc (758 words)

	[No title]
		Adjusting entries for prepayments are required to record the portion of the prepayment that represents 1 the expense incurred or 2 the revenue earned in the current accounting period.¡¤¥$NGþU ü(þkaþkaþ$ó1 ª ª ó2¨PREPAID EXPENSES¡,¨øPrepaid expenses are expenses paid in cash and recorded as assets before they are used or consumed.
		The adjusting entry results in a debit to an expense account and a credit to an asset account.
		The adjusting entry requires a debit to an asset account and a credit to a revenue account.¡0N$NGþ ü(þ= ó@ª ¨vOctober 31, the agency earned $200 in fees for advertising services that were not billed to clients before October 31.¡w 2wóA¨ACCRUED EXPENSES¡,¨Accrued expenses are expenses incurred but not paid yet.
	www.be.wvu.edu /divacctg/pearson/a321adjspring2003.ppt (1077 words)

	Accounting.Com: Adjusting Entries (Site not responding. Last check: 2007-10-10)
		I am in a basic accounting class after many years of being out of school and am having a difficult time understanding the concept of adjusting entries.
		To begin to understand the concept of adjusting entries you first have to understand the accounts that make up the general ledger.
		I suggested in another post that you think of the balance sheet and income statement as 2 separate drawers and entries as moving things between these drawers.
	www.accounting.com /forum2/forum_posts.asp?TID=2807&PN=1 (439 words)

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