Which events during an accounting period trigger the recording of normal journal entries? Which event triggers...
Which events during an accounting period trigger the recording of normal journal entries? Which event triggers the making of adjusting entries?
Homework Answers
Question:- Which events during an accounting period trigger the recording of normal journal entries?
Answer:- "The events which trigger the recording of normal journal entries are normal, daily basis related to operating the business. such as:-
1. Making Sales or Performing Services
2. Buying Things
3. Paying Salaries
4. Incurring other expenses etc.
It also includes the effective processing of business transaction that may be made during the accounting period.
Question:- Which event triggers the making of adjusting entries?
Answer:- "The events which would trigger the making of adjusting entries are to process a business transaction during an accounting period".
The adjusting entry will be recorded at the end of the accounting period to correct any accounts before preparing the official financial statements.
The adjusting entries are very essential because it ensures that the official financial statements are absolutely correct and they are free from errors, which represents the accurate information of the company.
Thank you..
Have a nice day ahead.
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