This is quite obvious that if you are a student of accountancy, then you must have heard of journal entries, in fact, we will say that you must have also practiced it too because journal entries are one of the basic concepts of accounting subject. A glimpse through adjusting entry homework answers will give you a better idea!
If you know about journal entries, then you must be aware of adjusting entries as well. Adjusting entries are also a part of journal entries typically recorded when an accounting period ends, to assign revenue and expenditures period wise when they really happened. The main prospect of adjusting entries is to match the expenditures of an organization to its income or revenue.
An adjusting entry is particularly required to take a note of the income that has been earned but still not recorded yet and also the cost that has been incurred but still not noted yet.
To make concept of adjusting entry more clear and transparent, let us quote a simple example here for better understanding.
Suppose you are running your own business and you have made an advance payment to a company for taking any service or for any product.As it is an advance payment so it is quite apparent that you must not have received the service or the product yet. Now till you donâ€™t get your products delivered to you, the amount you have paid is an asset. And after your products will get delivered to you, and you get them, you will be supposed to make an adjusting entry to note the expense and also reducing asset amount.
Different kinds of adjusting entries
Prepayments as the name depict means that the payment is already made. Prepayment implies that the money has been paid or received before even before utilization.
When the money is paid before utilization, it is called prepaid expense, and when money is received before utilization, it is quoted as unearned revenue. In both these cases,there is acknowledgment of cash before the happening of real transaction.
Accrual implies that the service or the product has been utilized however the money is still to be paid. When the service has been availed by the firm but still the firm has not paid the commitments for the services, then the circumstances of liability happen. In other case, if the firm has provided the service however the money has not been earned yet. This is also considered as accrual.
There are certain estimates in business when the actual cost of the expense cannot be dogged, and an entry is made on the basis of estimate only. For e.g. depreciation
For determining the cost of goods sold in the business.
Are you finding Adjusting entry homework complicated?
Adjusting entry is an interesting topic though it is quite difficult to get a proper hold on this without practicing it regularly. Unless you have an expert tutor to help you out on this topic, it will get a little tedious and time to consume for you, if you will try to do adjusting entries on your own.
We on a personal note will say that adjusting entry is not a very easy subject, but it is not that difficult either. Once you will get a proper understanding of all the concepts then doing adjusting entries will become as simple as ABC.
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Importance of adjusting entries in financial reports
Adjusting entries are made on the last day of the accounting period. The entire future prospects of the organization depend on these financial reports.
These financial reports can influence the decision-making process of an organization. Hence, there is no scope of mistakes in these financial reports. And most importantly, Adjusting entries should be done perfectly because growth of any organization depends on these financial reports.
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