Plus if any change made of the business transaction during the year the same is to be adjusted by passing the journal entries. INCOME OMINEC : Unscramble: 14. aiambot17|Points 92| User: Financial statements are typically prepared in the following … The examples of adjusting entries are outstanding expenses, prepaid expenses, etc 13. This article will also discuss: 5 Accounts That Need Adjusting Entries This is the fourth step in the accounting cycle. Adjusting entries always involve a balance sheet account (Interest Payable, Prepaid Insurance, Accounts Receivable, etc.) 2: Every adjusting entry involves the recognition of either revenue or Adjusting entries, also called adjusting journal entries, are journal entries made at the end of a period to correct accounts before the financial statements are prepared. Recognize assets purchased during the period. Record internal transactions and events. One purpose of adjusting entries is to report revenues in the accounting period in which they are _____. The main purpose of adjusting entries is to: A. Adjusting entries are required for the following reasons. Each adjusting entry affects at least one _____ statement account. Record external transactions and events. 1. Record external transactions and events. Importance of adjusting entries. Record internal transactions and events. The account credited in the adjusting entry for depreciation is _____ Depreciation. User: The main purpose of adjusting entries is to Weegy: Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting.An adjusting journal entry is typically made just prior to issuing a company's financial statements. C. Recognize assets purchased during the period. B. The purpose of Adjusting Entries is show when money has actually changed hands and convert real-time entries to reflect the accrual accounting system. 3. The adjusting entries are passed so that the financial statement represents the true and fair view . B) recognize expenses incurred but not yet recorded. D) recognize all of the above. ACCUMULATED DAMETUCAUCL : Unscramble: 15. The purpose of adjusting entries is to: A) recognize revenue earned but not yet recorded. The main purpose of adjusting entries is to: Record external transactions and events Record internal transactions and events Recognize revenues received during the period Recognize expenses paid during the period Adjust assets to their market value D. Recognize debts paid during the period. The main purpose of adjusting entries is to: Correct errors. They are not recorded during an accounting period. These entries are posted into the general ledger in the same way as any other accounting journal entry. EARNED DEERNA The purpose of adjusting entries is to show when money changed hands and to convert real-time entries to entries that reflect your accrual accounting. Recognize debts paid during the period. examples are rent depreciation and insurance. The purpose of adjusting entries is to: a. update the balance in Common Stock. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. C) recognize the earned portion of services paid for in advance. Some events are not journalized on a daily basis, for example, the earning salary by the employees; Some costs are expired with the passage of time. The earned portion of services paid for in advance ) recognize the portion. Following … 13 money changed hands and to convert real-time entries to entries that reflect accrual. Money changed hands and to convert real-time entries to entries that reflect your accrual accounting system reflect. 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