Adjusting entries either credit a revenue account or debit an expense account.

Name: Adjusting entries either credit a revenue account or debit an expense account.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Adjusting entries are used to update revenue and expense accounts to ensure that the financial statements accurately reflect the company's financial position. These entries can either credit a revenue account or debit an expense account to reflect the correct amount of revenue or expense for the period.

Adjusting Entries Either Credit a Revenue Account or Debit an Expense