Adjusting Journal Entries

 

 

Adjusting Journal Entries

Adjusting entries are journal entries that are posted to the general ledgers usually at the end of an accounting period to record business events that occurred during a specific accounting period but were not recorded.

Adjusting entries are usually made to report and record the following:

  • Revenues that have been earned but are yet to be entered into the accounting ledgers;
  • Expenditure that have been incurred but have not yet been posted into relevant general ledger accounts;
  • Revenues that have already been recorded but are yet to be earned by the company;
  • Expenses recorded by the entity that pertain to a future accounting period.

 

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