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Adjusting Entry

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Adjusting Entry 

(Russian, storno, from Italian storno, bookkeeping transfer), a bookkeeping procedure generally intended to rectify an incorrect entry.

Only one kind of adjusting entry is customarily used—the reversing entry, a supplementary entry in which the same absolute number is kept but the sign is reversed, in order to correct an error. The incorrect entry is thus canceled. The numbers reversed are usually written in red ink so that they will stand out; thus, reversing entries are sometimes known as red-ink entries. A partial adjusting entry can also be used; here, the original error is not canceled but merely altered.

In making an adjusting entry, it is necessary that reference be made to the entries being corrected or adjusted.
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In another December transaction, the loss S corporation made an adjusting entry to reallocate funds it received from another profitable venture owned by Kaplan to a loan from Kaplan.
Economic outlay revisited by Porcaro, Greg; Burton, Hughlene A. / The Tax Adviser
But he or she also generally was relieved the auditor had found it in time for the company to record an adjusting entry so the financial statements were fairly stated.
Account reconciliation: an underappreciated control: this procedure ... by Vorhies, James Brady / Journal of Accountancy
Materials needed to play the game are: 1) game board with pockets (see Table 4 for a basic diagram of the set-up), 2) Adjusting Entry cards, 3) a list of possible transactions to be drawn from the game board and (4) journal page for each player.
Using games to teach basics: learn to love learning accounting by Rhodes, Kimber; Smith, Aileen / Academy of Educational Leadership Journal
 
 
 
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