Adjusting entries in the banking industry.
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What are some examples of account transactions are subject to adjusting entries in banking? Who in the bank is responsible for preparing the adjusted trial balance?
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Solution Summary
The solution explains the nature of accounting in the banking industry by presenting four reasons why banks close their books every day. For adjusting entries, the solution gives five categories of entries common in banks.
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Banks are somewhat unique in that they close their books every day. That means an adjusted trial balance is prepared every evening for review in the morning. This was true even before computerized bookkeeping systems.
I wondered about it when I was first part of an audit team for a bank. I suspect it is the result of a number of ...
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