Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. Important! b. revenues are recorded in the period in which the performance obligation is satisfied. b. revenues are recorded in the period in which the performance obligation is satisfied. Accountants record adjusting entries to ensure the account holder’s records match the bank’s data. Adjusting entries are usually made at the end of an accounting period. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. 35) One way of ensuring that recurring adjusting journal entries are made each month would be to. For example, to record a bank fee in an account holder’s books, debit the bank fee account and credit the cash account. Adjusting entries can include adjustments for prepayments, interest and depreciation expense, and payroll accruals. Adjusting entries are made to ensure that: O expenses are recognized in the period in which they are incurred. They can however be made at the end of a quarter, a month or even at the end of a day depending on the accounting requirement and the nature of business carried on by the company. B) rotate the responsibility among the accounting staff. Adjusting entries are made to ensure that: Select one: a. expenses are recognized in the period in which they are incurred. Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. The presentation of finacial statement should be true and fair. b. revenues are recorded in the period in which they are earned. B) revenues are recorded in the period in which they are earned. 9. O balance sheet and income statement accounts have correct balances at the end of an accounting period. They do so by debiting and crediting financial accounts, such as assets, liabilities and expenses. Adjusting entries are made to ensure that: A) expense are recognized in the period in which they are incurred. C) balance sheet and income statement accounts have correct balances at the end of an accounting period. b. revenues are recorded in the period in which the performance obligation is satisfied. D) create a standard adjusting journal entry file. Adjusting entries are need because: An expense has been incurred but not yet recorded; This means that all the entries and adjustments neccessary have been made in the account and it has been presented. A) make all the entries a month in advance. d. All of the above. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. O revenues are recorded in the period in which the performance obligation is satisfied. Run the adjusted trial balance. O all of these answer choices are correct. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. C) program the entries to be made automatically. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. Adjusting entries are made at the end of an accounting period after a trial balance is prepared to adjust the revenues and expenses for the period in which they occurred. Adjusting entries must involve two or more accounts and one of those accounts will be a balance sheet account and the other account will be an income statement account. Make any adjusting entries that are needed. d. All of the above. d. All of these answer choices are correct. d. All of these answer choices are correct. 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