Adjusting entries : Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used. Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required. To identify: The difference between the correcting entries and the adjusting entries.

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Answer 1

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Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

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Answer 2

Question

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

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Answer 3

Question

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

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Answer 4

Question

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

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Answer 5

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

Answer 6

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

Answer 7

Chapter 4, Problem 13Q

To determine

Adjusting entries: Adjusting entries are made at the end of the accounting period and they are used in the accrual accounting system. Such entries are required when any revenue or expense has not been reported in the books. Therefore in order to rectify these errors, adjusting entries are used.

Correcting entries: If any error has been identified in the accounting records, the accountants of the company can journalize and post the correct entry as soon as possible. These entries are known as correcting entries. Therefore, it is quite evident that if there are no errors in the records of the company, then the correcting errors are not required.

To identify: The difference between the correcting entries and the adjusting entries.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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