Adjusting entries are made for different reasons like errors in previous journal entries or adjustment at month end or year end for accruals etc.
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
You would reverse the journal entry then record the correct entry.
what is entry of closing stock in p & L a/c & balance sheet
Debit bad debtsCredit accounts receivable
Type your answer here... party a/c Dr. to sales
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
Adjusting entries affect at least one income statementand one balance sheet
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
debit bad debts accountcredit accounts receivable
journal entries recorded to update general ledger accounts at the end of a fiscal period. it is made to prevent or correct errors that may happen in the system. To see how to make an adjusting entry, visit: http://www.accounting7.com/content/exercise-adjusting-account-entries-accounting
debit supplies expensescredit supplies inventory
Compound journal entry is that entry which records more than one business transaction in one single journal entry.