Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer change if a work sheet was not prepared? Explain
When a work sheet is used, the formal adjusting entries are recorded after the financial statements have been prepared. Instead of taking the time to formally journalize adjusting entries and post them to the accounts, the accountant enters the adjusting entries directly on a work sheet as a basis for preparing the financial statements. The actual recording and posting of the adjusting entries can be done after the statements are released. Of course, if a work sheet is not prepared, adjusting entries must be recorded before the statements can be prepared.
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