Given Below Are the Accounts from the Ledger AFTER Adjustments

question 145

Essay

Given below are the accounts from the ledger AFTER adjustments have been posted at December 31. ​
A)Identify which adjustments were likely made that are:
1.Accrued revenues
2.Accrued expenses
B)Which accounts listed above would not be used in a cash-basis system?

• A)Identify which adjustments were likely made that are: 1.Accrued revenues 2.Accrued expenses
• B)Which accounts listed above would not be used in a cash-basis system?

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Definitions:

Financial Statement Columns

Columns in financial reports that present numerical information related to a company's financial performance, position, and cash flows.

Current Assets

Assets that a company expects to convert to cash, sell, or consume within one year or its operating cycle, whichever is longer.

Short-term Investments

Assets of a financial nature anticipated to be cashed in or disposed of within one year.

Adjusting Entries

Adjusting Entries are journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.