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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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What is the difference between adjusting entries and correcting entries?

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle.  All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

Correcting entries:

Correcting entries refers to the journal entry that is made in order to fix/correct an error in the transactions which are previously recorded in the ledger.

To describe: The difference between adjusting entries and correcting entries.

Explanation

Adjusting entries are made at end of the accounting period, because the business’s accounting records and financial sta...

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