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They are basically accounting journal entries that change a company’s or organisations accounting records into accrual basis of accounting. They are usually made just before issuing the company’s or organisations financial statement.
They are typically prepared at the end of an accounting period. This is done so that all the incomes earned and all expenses that were suffered during the accounting period are included in the financial statements.
An adjusting entry is very much required to note the revenues that have been earned but not recorded till yet and also the expenses that have been incurred but not noted till yet.
Adjusting journal entries plays an important part in period closing processing, as you will learn through our adjusting entry homework help. It is notable in accounting cycle, where final trial balance is created from preliminary trial balance. Creating financial statements that comply completely with accounting standards is not possible without using adjusting entries.
Primarily, there are two main scenarios where there is a need of adjusting entries before issuing financial statements. They are:
You can learn about the situations when adjusting entries are required by getting adjusting entry homework help from our experts.
Say, for example you made an advance payment to a certain company for receiving goods and services. Now, until your products are delivered, the amount is reported as an asset, and after your products are delivered and you receive it, you will need to make an entry to report the expense and reduce the amount of asset.
Another example to consider. Let’s say you paid for 8 months of insurance coverage but accounting period is only a month. This denotes that 7 months of insurance expense have already been paid but it is not required to note it as an expense on the current income statement. In this case it is referred as an asset in the name of prepaid expense. After the lapse of 7 months it can be denoted as an expense already paid.
Always remember that an adjusting entry will involve an income statement and a balance sheet account. Don’t know the purpose? Come to us and sign up for adjusting entry assignment help. We shall clear all of your doubts and make you understand everything from the scratch.
Any type of accounting transaction might require an adjusting entry. When you avail adjusting entry assignment help from us, you will learn about these transactions. Some of the common transactions include:
When our experts provide you adjusting entry assignment help, you will learn about the transactions recorded by adjusting entries. Here are the main types of transactions that are recorded by adjusting entries:
These are basically services or goods that haven’t yet been used by a company, although they have been paid for. Insurance serves as a good example of that. Usually, insurance is prepaid six months before at least, which means the company doesn’t get the complete benefit of the contract until the end of that period, even though it has been paid for.
When you ask our experts to do my adjusting entry assignment, they will explain everything with proper examples. With prepaid expenses, another example would be the end of accounting period. The expenses that are incurred are the only ones recorded, everything else is recorded as prepaid expenses
Adjusting entry also records unearned revenue, since these are the incomes that are received from customers, although the services or goods haven’t been provided to them. Therefore, the customers are owed the goods or services from the company, hence the company records the liability in present period until the services or goods are provided.
A lot of the times, expenses are incurred by a company, but it doesn’t have to pay the expenses until later. An example for is are utility bills. An electricity bill for a month is always due the next month.
Since the expense is incurred in the current month, it has to be recorded for that month, regardless of whether it is paid or not. These expenses are shown as liability or accrued in present month until it is paid. The concept of accrued expenses is important, which is why we cover it properly with our adjusting entry homework help.
An adjusting entry can also be used for recording paper expenses such as depletion, amortization and depreciation. Since these expenses are generally calculated on period basis, they are recorded at the end of a period. For instance, depreciation is usually calculated annually, which is why it’s recording is done at the year’s end.
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