Such investigation can lead to the preparation of numerous adjusting entries. Here, in , only the following four general types of adjustments are introduced. In later chapters, many additional examples will be described and analyzed. Accrued expenses (also referred to as accrued liabilities) Prepaid expenses Accrued revenue Unearned revenue (also referred to as deferred revenue) Usually, at the start of the adjustment process, the accountant prepares an updated trial balance to provide a visual, organized representation of all ledger account balances. This listing aids the accountant in spotting figures that might need adjusting in order to be fairly presented. Therefore, takes the ending account balances for the Company found in the ledger presented in and puts them into the form of a trial balance.
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The first adjustment listed is an accrued expense. In , the word “accrue” was defined as “to grow.” Thus, an accrued expense is one that increases gradually over time. As indicated previously, some companies program their accounting systems to record such expenses as they are incurred. This accrual process reduces the need for separate adjusting entries. Other companies make few, if any,accruals and update all balances through numerous adjustments. The recording process for such expenses should be designed to meet the informational needs of company officials. Some prefer to have updated balances readily available in the ledger while others are inclined to wait for periodic financial reports to be issued. What are some typical accrued expenses and what is the appropriate adjusting entry if they have not been previously recorded by the accounting system? Answer: If a reporting company’s accounting system recognizes an expense as it grows, no adjustment is necessary. The balances are recorded properly. They are ready to be included in financial statements. Thus, when statements are prepared, the accountant only needs to search for accrued expenses that have not yet been recognized.
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