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Accounting At Your Fingertips, 2e by George Murray, CPA.

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10.5 Adjusting Entries

Identifying Adjusting Entries

Recording Accruals

Working with Deferrals

The purpose of adjusting entries is to ensure that all transactions are recognized in the proper period. In this subchapter, we cover the various types of adjusting entries and how to make them.

Identifying Adjusting Entries

At the end of each month, you will need to adjust accounts that have had activity that’s not yet been recorded. Some adjustments such as depreciation, amortization, and interest are made regularly. These are usually a set amount, so the entries should be fairly straightforward. In fact, in computerized accounting systems they are typically referred to as recurring entries and can often be set up to be made automatically each month. ...

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