1) Adjusting entries are entries made at the end of an accounting period to ensure...
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Accounting
1)
Adjusting entries are
entries made at the end of an accounting period to ensure that no errors were made.
not required for most companies.
prepared only by corporations.
entries made at the end of an accounting period to ensure that the revenue and expense recognition criteria are followed.
2)
In the second month of operations, the total of the debit entries to the accounts receivable account amounted to $ 750 and the total of the credit entries to the accounts receivable account amounted to $ 350. The opening balance of the accounts receivable account was $ 310. The accounts receivable account has a
$ 750 debit balance.
$ 350 debit balance.
$ 710 debit balance.
$0 balance.
3)
Revenues, in a proprietorship, are
the gross increases in owner's equity resulting from business activities.
the cost of services used during the period.
the cost of assets consumed during the period.
actual or expected cash outflows.
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