ACCUMULATED DAMETUCAUCL : Unscramble: 15. 1. 3. Adjusting entries are required for the following reasons. The purpose of Adjusting Entries is show when money has actually changed hands and convert real-time entries to reflect the accrual accounting system. The examples of adjusting entries are outstanding expenses, prepaid expenses, etc Record internal transactions and events. Each adjusting entry affects at least one _____ statement account. examples are rent depreciation and insurance. The adjusting entries are passed so that the financial statement represents the true and fair view . 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. They are not recorded during an accounting period. C. Recognize assets purchased during the period. This article will also discuss: 5 Accounts That Need Adjusting Entries The main purpose of adjusting entries is to: A. This is the fourth step in the accounting cycle. 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. EARNED DEERNA 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. D. Recognize debts paid during the period. Plus if any change made of the business transaction during the year the same is to be adjusted by passing the journal entries. The purpose of adjusting entries is to: A) recognize revenue earned but not yet recorded. Record external transactions and events. These entries are posted into the general ledger in the same way as any other accounting journal entry. The main purpose of adjusting entries is to: Correct errors. 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. 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 Recognize assets purchased during the period. C) recognize the earned portion of services paid for in advance. B. D) recognize all of the above. aiambot17|Points 92| User: Financial statements are typically prepared in the following … The account credited in the adjusting entry for depreciation is _____ Depreciation. Record internal transactions and events. 13. The purpose of adjusting entries is to: a. update the balance in Common Stock. Importance of adjusting entries. INCOME OMINEC : Unscramble: 14. 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