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. They do so by debiting and crediting financial accounts, such as assets, liabilities and expenses. 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. 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. The presentation of finacial statement should be true and fair. Adjusting entries are made to ensure that: A) expense are recognized in the period in which they are incurred. O all of these answer choices are correct. 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. This means that all the entries and adjustments neccessary have been made in the account and it has been presented. B) rotate the responsibility among the accounting staff. A) make all the entries a month in advance. 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. Adjusting entries are made to ensure that: O expenses are recognized in the period in which they are incurred. B) revenues are recorded in the period in which they are earned. O 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. Adjusting entries are made to ensure that: Select one: a. expenses are recognized in the period in which they are incurred. 9. d. All of the above. 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. O revenues are recorded in the period in which the performance obligation is satisfied. Make any adjusting entries that are needed. c. balance sheet and income statement accounts have correct balances at the end of an accounting period. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. d. All of these answer choices are correct. 35) One way of ensuring that recurring adjusting journal entries are made each month would be to. C) balance sheet and income statement accounts have correct balances at the end of an accounting period. Important! Adjusting entries are usually made at the end of an accounting period. b. revenues are recorded in the period in which they are earned. For example, to record a bank fee in an account holder’s books, debit the bank fee account and credit the cash account. 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; d. All of these answer choices are correct. Adjusting entries are made to ensure that: a. expense 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. Adjusting entries are made to ensure that: a. expense are recognized in the period in which they are incurred. 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