Question

Adjusting journal entries are needed to record (Select all that apply.) Multiple select question. cash that has been paid for expenses cash that has been collected from customers expense incurred, but not yet paid revenue earned, but not yet received

Answer 1

Adjustment is often make to business journals. Adjusting journal entries are needed to record the following;

• The expense incurred, but not yet paid.
• The revenue earned, but not yet received.

What are the Adjusting journal entries situations?

Adjusting journal entries are needed for key situations in deferrals, accruals, and estimates, prepayments, estimate, or prepayment.

The act of adjusting entries records is often done at the end of a period when making the financial statements.

Adjusting entries help a company accurately measure its financial performance and the revenues and expenses for that period.

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