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Adjusting Entries Student’s Name Institutional Affiliation Adjusting Entries Introduction The business undergoes the operation cycle every accounting period. The business has an opening balance in its cash account at the beginning of every accounting period which is used to buy inventories and pay off expenses (Williams et al. 2005). The business earns revenue which is results either in cash or accounts receivables if the customers buy on credit. Finally the cash is collected from the customers and there is a cash balance at the end of the accounting period (Weygandt et al. 2010). It is not possible to completely account for a transaction within the period that the overstated or understated. In case an adjusting entry requires a liability to be transferred to the revenue and the company omits it then it will result in net income that is understated or a figure that is below the actual net income. Consequently the working capital ratio and the current ratio will be low because of the liability of unearned revenue that was not eliminated or reduced References Weygandt J. J. Kimmel P. D. KIESO D. & Elias R. Z. (2010). Accounting principles. Issues in Accounting Education  25(1) 179-180. Williams J. R. Haka S. F. Bettner M. S. & Carcello J. V. (2005). Financial and managerial accounting. China Machine Press. [...]

Order Description:

Max Points: 10.0 The term “adjusting entries” refers to a very important step in the accounting cycle. Explain when, why, and how the adjusting process is used. Provide an example to clarify your statements.

Subject Area: Economics

Document Type: Reports

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Words 550

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10.13.2017

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