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Waku39 (Sales man)     06 December 2020

Does every adjustment entry have a closing entry ?

Last day i tried to learn about adjustment entries and its journal ,

Then i came across the term called closing entries .

so i want to know if every adjustment entry have a closing entry ?

If so which book should i buy to learn those ?

Thanks



 5 Replies

JATINDER KUMAR

JATINDER KUMAR (Accountant)     06 December 2020

No..........
Waku39

Waku39 (Sales man)     06 December 2020

OK, thanks for the reply .

I thought adjustment entries like these had to be closed before the start of next accounting year

 

 

So that is why the confusion ,

If that is not the case what exactly are closing entries ?

JATINDER KUMAR

JATINDER KUMAR (Accountant)     06 December 2020

Every adjustment entry is not a closing entry, only year end adjustment entry is closing entry.

Adjustment entry prepare at year end as per Accural Base of Accounting
Waku39

Waku39 (Sales man)     06 December 2020

OK , so there are only few accounts that needs Adjustment entries

Thanks

Waku39

Waku39 (Sales man)     06 December 2020

OK , so there are only few accounts that needs Adjustment entries

Thanks


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