Adjusting entries are a. the same as correcting entries b. ...

[rl]

Adjusting entries are
 a. the same as correcting entries
  b. needed to bring accounts up to date and match revenue and expense
  c. optional under generally accepted accounting principles
  d. rarely needed in large companies

Question 2

The local school board received a donation of 1,000,000 to establish a scholarship fund for graduating students. The scholarship is accounted for in a Private-Purpose Trust Fund. The fund would report
 
  A. Additions of 1,000,000.
  B. Revenues of 1,000,000.
  C. A transfer of 1,000,000.
  D. Capital contributions of 1,000,000.

[Jsherida]

Answer to Question 1

b

Answer to Question 2

A

[rl]

Thanks for the timely response, appreciate it

[fatboyy09]

Excellent