Question Description
I don’t know how to handle this Accounting question and need guidance.
Using the Annual Report of your selected company, answer the following questions in the Discussion:
- What are adjusting entries and why are they necessary?
- In your chosen company, which accounts might require adjusting entries?
- Why is it unethical not to record adjusting entries when required? What difference does it make?
- What is the purpose of an adjusted trial balance?
The company being used for this discussion is Phizer
Explanation & Answer
Attached.
Financial Accounting -Adjusting entries and Pfizer
Adjusting entries
Adjusting entries refer to journal entries that are recorded on the last day of the
organization’s accounting period for the purpose of making changes to the ending balances in
different general ledger accounts (Bragg, 2018).
Importance of adjusting entries
Particularly, through adjusting entries, an organization’s income statement records the
earned revenues and expenses incurred during the accounting period. Besides, the firm...
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