This is the fourth step in the accounting cycle. ACCUMULATED DAMETUCAUCL : Unscramble: 15. B) recognize expenses incurred but not yet recorded. The purpose of adjusting entries is to: A) recognize revenue earned but not yet recorded. 3. These entries are posted into the general ledger in the same way as any other accounting journal entry. They are not recorded during an accounting period. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. Plus if any change made of the business transaction during the year the same is to be adjusted by passing the journal entries. B. D) recognize all of the above. 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 account credited in the adjusting entry for depreciation is _____ Depreciation. 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 The purpose of adjusting entries is to: a. update the balance in Common Stock. Importance of adjusting entries. Each adjusting entry affects at least one _____ statement account. INCOME OMINEC : Unscramble: 14. Record external transactions and events. This article will also discuss: 5 Accounts That Need Adjusting Entries 1. Adjusting entries always involve a balance sheet account (Interest Payable, Prepaid Insurance, Accounts Receivable, etc.) Recognize assets purchased during the period. The main purpose of adjusting entries is to: A. 2: Every adjusting entry involves the recognition of either revenue or aiambot17|Points 92| User: Financial statements are typically prepared in the following … The main purpose of adjusting entries is to: Correct errors. Record internal transactions and events. Record internal transactions and events. 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 examples are rent depreciation and insurance. One purpose of adjusting entries is to report revenues in the accounting period in which they are _____. EARNED DEERNA Adjusting entries are required for the following reasons. 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. 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. C. Recognize assets purchased during the period. Recognize debts paid during the period. Record external transactions and events. C) recognize the earned portion of services paid for in advance. 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. 13. The adjusting entries are passed so that the financial statement represents the true and fair view . D. Recognize debts paid during the period. And convert real-time entries to reflect the accrual accounting entry for depreciation is _____ depreciation Need adjusting are... 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