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Which of the following statements about adjusting entries is NOT true?

1. Adjusting entries should be dated as of the last day of the accounting period.
2. An explanation is normally included with each adjusting entry.
3. After adjusting entries are made in the journal, they are posted to the ledger.
4. Adjusting entries are typically recorded on the last day of the accounting period.

Respuesta :

TomShelby

Answer:

4. Adjusting entries are typically recorded on the last day of the accounting period.

Explanation:

They aer recorded on the last day of the accounting period as we do adjustment for accrual accounting like:

expired prepaid rent, expired prepaid insurance, accrued wages payable, accrued revenues, accrued interest revenues or interest expense, depreication on assets, amortization and other.