The ending balances in the ledger after posting the adjusting entries, will be the same am
The ending balances in the ledger after posting the adjusting entries, will be the same amounts that are found on the worksheet in the adjusted trial balance column.
20) After formal financial reports have been prepared, journal entries and posting must be performed before the ledger is updated.
21) Adjusting entries bring the ledger up to date.
22) Adjusting entries are made after the Financial Statements are completed.
23) The balance in the Accumulated Amortization account will be larger each period, while Amortization Expense increases only until fiscal year-end.
24) After posting adjusting entries, the temporary accounts will be set back to zero.
25) Adjusting entries are necessary to update the Chart of Accounts before preparing Financial Statements.