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Will the adjusting entry amounts appear in the balance sheet and income statement?

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Question added by Rana Alnajjar , Web developer , Lebcards
Date Posted: 2016/12/21
Muhammad Jalil Inayatullah
by Muhammad Jalil Inayatullah , Senior Accounts Officer , Raptor Global Logistics (Pvt) Ltd

Yes it will appear in both statements

Nazmul Islam CMA
by Nazmul Islam CMA , Manager , Robi Axiatal Ltd.

Yes. They will appear in the balance sheet & income statement.

Frank Mwansa
by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

The adjusting entries will affect both statements 

Ashraf E. Mahmoud (PhD)
by Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

Adjusting entries are accounting journal entries that convert the organization's accounting records to the accrual basis of accounting. An adjusting journal entries are typically made just prior to issuing a company's financial statements.

Amer Nawaz
by Amer Nawaz , Chief Accountant , Autocad Construction LLC.

The effect of adjusting entries will effect balance sheet and/or income statement. Exactly same figure would not be shown there.

manseer muhammed ali
by manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

Absolutely. The adjusting entry amounts must be included on the income statement in order to report all revenues earned and all expenses incurred during the accounting period indicated on the income statement. ... In the following accounting period, the accrual-type adjusting entries will usually be reversed.

Abdullah Aziz Eldain Morsi  Elgendy -        CMA  Candidate
by Abdullah Aziz Eldain Morsi Elgendy - CMA Candidate , Regional Receivable Accountant , Amiantit Group of Companies

 yes it will appear

 in the balance sheet

  prepaid expenses as current assets

  unearned revenue  as current liabilities

 accrued expenses as current liabilities

accrued revenue as current assets

all accrued revenue and expenses  are reported in the income statement  based on the category        

 

 

 

krishnamoorthy Achutham
by krishnamoorthy Achutham , DY Manager (Accounts) , M/S.DCW Limited,Sahupuram, Arumuganeri

The adjustment entries are made through non journal voucher and it appears in general ledger and the effect of these entries will have in balance sheet .

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