All of the Following Might Be Found in the Adjustment

question 44

Multiple Choice

All of the following might be found in the adjustment column except:

• A)professional discounts
• B)write-offs
• C)new charges
• D)disallowances

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Definitions:

Adjusted Trial Balance

A financial statement that lists all accounts of a company and their balances after adjustments have been made.

Adjusting Entries

Journal entries made in accounting to update the records for revenues and expenses that have accrued but not yet been recorded through standard accounting transactions.

Prepaid Expenses

Costs paid in advance of their use, such as insurance or rent, which are recorded as assets on a balance sheet until they are actually incurred.

Recorded

The process of documenting financial transactions in the accounting records of a business.