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Correcting entries correct errors. Adjusting entries fine tune the accounts.
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Adjusting entries in the accounting process affect a lot of different accounts. It can affect any asset, liability, or accruals and deferrals accounts.
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
what is the process in adjusting cutlery?
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Correcting entries correct errors. Adjusting entries fine tune the accounts.
Unearned rent would likely be included in an accrual adjusting entry.
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
Debit bad debtsCredit accounts receivable
service revenue and unearned revenue