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Which is not a purpose of adjusting entries

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Reference no: EM132856520

Problem 1: Adjusting entries are prepared:

A. Before financial statements and after a trial balance has been prepared.

B. After a trial balance has been prepared and after financial statements are prepared.

C. After posting but before a trial balance is prepared.

D. Anytime an accountant sees fit to prepare the entries.

Problem 2: Which of the following is not a purpose of adjusting entries?

A. To prepare the revenue and expense accounts for recording transactions of the following period.

B. To apportion the proper amounts of revenue and expense to the current accounting period.

C. To establish the proper amounts of assets and liabilities in the balance sheet.

D. To accomplish the objective of offsetting the revenue of the period with all the expenses incurred in generating that revenue.

Problem 3: Which of the following is not an example of an adjusting entry?

A. The entry to record unpaid expenses.

B. The entry to record uncollected revenues.

C. The entry to convert liabilities to revenue.

D. The entry to pay outstanding bills.

Reference no: EM132856520

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