Adjusting Entries in Accounting

To update accounts and recognize revenues and expenses on an accrual basis

Both balance sheet and income statement

Update and correct account balances at the end of the accounting period

<p>Allocate revenue and expenses between current and future periods</p> Signup and view all the answers

<p>To set a proper classification of real and nominal accounts for sound and reliable decision-making</p> Signup and view all the answers