The Basics of Adjusting Entries

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Department
Financial Accounting
Course
MGAB01H3
Professor
Liang Chen
Semester
Fall

Description
The Basics of Adjusting Entries Under the accrual basis of accounting, adjusting entries are needed to ensure that the revenue recognition and matching principle are followed ,N08L95488L-O094705479,557457L,90,88098OL,-LOL9L084Z307806:L9,3309 incomeloss Types of adjusting entries Prepayments Accruals Estimates Prepaid expenses expenses Accrued expenses expenses Amortization allocation of paid in cash and recorded as incurred buy not yet paid in the cost of capital assets to assets before they are used or cash or recorded expense over their useful lives consumed Unearned revenues revenues Accrued revenues revenues received in cash and recorded earned but not yet received in as liabilities before they are cash or recorded earned Adjusting entries for prepayments
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