Adjusting entries:
A)Often include the Cash account.
B)Usually are recorded at the beginning of the accounting period.
C)Always involve at least one income statement account and one balance sheet account.

Question

Quizplus · Accepted Answer

Adjusting entries are made at the end of an accounting period to record transactions that have occurred but were not yet recorded or to update previously recorded transactions. They always involve at least one income statement account and one balance sheet account to ensure that the financial statements are accurate and up-to-date. The cash account may or may not be included depending on the nature of the adjusting entry. Adjusting entries are made at the end of the accounting period, not the beginning.

Adjusting Entries