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
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Does every adjustment entry have a closing entry ?
Replies (5)
Quick Summary
No..........
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 ?
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
Adjustment entry prepare at year end as per Accural Base of Accounting
OK , so there are only few accounts that needs Adjustment entries
Thanks
OK , so there are only few accounts that needs Adjustment entries
Thanks
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