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Accounting (Text Only)
Why are adjusting entries needed at the end of an accounting period?
Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.
To Explain: The need of passing accounting entries at the end of the accounting period.
The adjusting entries are required for the following reasons:
- To adjust the accrued revenue or expense: In the process of business, some expense would be incurred but not paid for, and some revenue would be earned but not received, in the same accounting period. To record such business transactions adjusting entries are passed...
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