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