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Accounting Exercises

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1. Why are adjusting entries necessary?

2. The analysis process for preparing adjusting entries involves two basic steps. Identify the two steps and explain why both
are necessary.

3. What is the purpose of closing entries?

4. What is the purpose of the post-closing trial balance? Explain where the information for the post-closing trial balance
comes from.

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1. Why are adjusting entries necessary?

Ans. Adjusting entries are journal entries made to adjust or correct the balance in an account to an amount determined to be correct.

2. The analysis process for preparing adjusting entries involves two basic ...

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