ACCT 2301 Week 3 Discussion 1 | Assignment Help | Central Texas College
- Central Texas College / ACCT 2301
- 08 Aug 2020
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ACCT 2301 Week 3 Discussion 1 | Assignment Help | Central Texas College
Explain
the revenue recognition principle and the matching principle. Differentiate
between the cash basis and the accrual basis of accounting.
Explain
why adjusting entries are needed and identify the major types of adjusting
entries.
Adjusting
entries are first entered into the general journal, and then they are posted to
the individual ledger accounts. A second trial balance (the adjusted trial
balance) is prepared to prove that debits and credits are still equal after the
accounts have been adjusted.
The
financial statements are prepared from the adjusted trial balance.
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