EARNED DEERNA The purpose of adjusting entries is to: A) recognize revenue earned but not yet recorded. 13. 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. Recognize assets purchased during the period. examples are rent depreciation and insurance. Record internal transactions and events. The purpose of adjusting entries is to: a. update the balance in Common Stock. Recognize debts paid during the period. ACCUMULATED DAMETUCAUCL : Unscramble: 15. The main purpose of adjusting entries is to: Correct errors. Record external transactions and events. Importance of adjusting entries. 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 examples of adjusting entries are outstanding expenses, prepaid expenses, etc They are not recorded during an accounting period. The adjusting entries are passed so that the financial statement represents the true and fair view . 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. C. Recognize assets purchased during the period. B) recognize expenses incurred but not yet recorded. D) recognize all of the above. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. The purpose of Adjusting Entries is show when money has actually changed hands and convert real-time entries to reflect the accrual accounting system. INCOME OMINEC : Unscramble: 14. One purpose of adjusting entries is to report revenues in the accounting period in which they are _____. aiambot17|Points 92| User: Financial statements are typically prepared in the following … 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. Record internal transactions and events. 3. C) recognize the earned portion of services paid for in advance. This is the fourth step in the accounting cycle. Adjusting entries always involve a balance sheet account (Interest Payable, Prepaid Insurance, Accounts Receivable, etc.) The main purpose of adjusting entries is to: A. Each adjusting entry affects at least one _____ statement account. Record external transactions and events. 2: Every adjusting entry involves the recognition of either revenue or Adjusting entries are required for the following reasons. 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