What is the difference between adjusting entries and correcting entries?
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.
Adjusting entries are made at end of the accounting period, because the business’s accounting records and financial sta...
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