Adjusting journal entries recorded at the end of an accounting period update revenues or expense accounts, as well as asset or liability accounts.

Name: Adjusting journal entries recorded at the end of an accounting period update revenues or expense accounts, as well as asset or liability accounts.
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

Adjusting journal entries are necessary to update accounts to reflect the current period's financial activity. These entries can affect revenue or expense accounts as well as asset or liability accounts.

Adjusting Journal Entries Recorded at the End of an Accounting