Ma3. Answer the following: A Question One: State the types of adjusting entries and explain what adjusting entry is about and mention the rule for each. Note: use your own words in answering the question.

Ma3. Answer the following: A Question One: State the types of adjusting entries and explain what adjusting entry is about and mention the rule for each. Note: use your own words in answering the question.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 14RQ: What is a correcting entry?

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Ma3.

Answer the following:

A Question One: State the types of adjusting entries and explain what adjusting entry is about and mention the rule for each.

Note: use your own words in answering the question.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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