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adjusting entries

Preparing for Adjusting Entries

Gather all necessary financial information and records

Review and reconcile bank statements, cash receipts, and cash disbursements

Update and reconcile accounts receivable and accounts payable records

Verify inventory levels and compare to physical counts

Review prepaid expenses and ensure accurate allocation

Assess outstanding expenses and estimate accrued liabilities

Evaluate deferred revenues and recognize earned revenues

Analyzing and Adjusting Revenue Accounts

Review revenue recognition policies and ensure compliance with accounting standards

Identify any unearned or deferred revenue and adjust accordingly

Recognize and record revenue for services provided but not yet billed

Assess and adjust for any revenue that has been earned but not yet received

Evaluate and adjust for any revenue that has been received but not yet earned

Analyzing and Adjusting Expense Accounts

Review expense recognition policies and ensure compliance with accounting standards

Review the company's expense recognition policies
Ensure that the policies align with accounting standards and regulations

Identify any prepaid expenses and allocate them accordingly

Identify any expenses that have been paid in advance
Determine the portion of the prepaid expenses that should be allocated to the current period
Make adjusting entries to recognize the allocated portion as an expense

Assess and adjust for any expenses that have been incurred but not yet recorded

Review supporting documents and records to identify any expenses that have been incurred but not yet recorded
Determine the amount and nature of the expenses
Make adjusting entries to record the expenses in the appropriate accounts

Evaluate and adjust for any expenses that have been recorded but not yet paid

Review accounts payable records to identify any expenses that have been recorded but not yet paid
Determine the amount and nature of the expenses
Make adjusting entries to reflect the unpaid expenses and update the accounts payable balance

Recognize and record any accrued expenses that have been incurred but not yet paid

Identify any expenses that have been incurred but not yet paid
Determine the amount and nature of the expenses
Make adjusting entries to record the accrued expenses and update the appropriate expense accounts

Analyzing and Adjusting Asset and Liability Accounts

Review and adjust for depreciation or amortization of fixed assets

Assess and adjust for any impairment of assets

Evaluate and adjust for any changes in the valuation of inventory

Recognize and record any changes in the valuation of investments or securities

Assess and adjust for any changes in the valuation of accounts receivable or payable

Recognize and record any changes in the valuation of long-term liabilities

Review and Finalize Adjusting Entries

Verify that all adjusting entries have been accurately recorded

Reconcile adjusted trial balance to ensure it is in balance

Prepare financial statements based on the adjusted trial balance

Review financial statements for accuracy and completeness

Provide necessary documentation and explanations for all adjusting entries

Seek approval and sign-off from appropriate personnel or management

Note: This checklist is a general guide and may vary depending on the specific accounting organization and its policies and procedures.

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