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What are adjusting entries?
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.
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.
When shall you approach us?
In simple words- whenever you cannot hold of the topic and are facing difficulties! Adjusting entries isn’t easy but it’s not that tough too! With proper and correct help from my Homework help, you can understand it well and get a grip on the topic very fast.
You can come to us whenever you face difficulty in any of the following criteria:
- Where and when to make the adjusting journal entries
- What it must involve
- How it must be prepared
- Its classification into prepayments and accruals
- About inventories and estimates
So, whenever you face difficulty in any of the above or need any other assistance with adjusting entry homework help, approach to us. We shall give you expert quality solutions and deliver them to you in shortest period of time at a very reasonable cost.