Making Adjusting Entries
Services
Rs45,204
Description
Even if the trial balance is mathematically correct, it may not accurately reflect the financial state of the business due to timing differences (following the accrual basis of accounting). Accounting Services in Cleveland. This step fixes those issues.
Action: Record entries for items like accrued expenses (e.g., salaries earned by employees but not yet paid), deferred revenue, and depreciation of assets.
Purpose: To apply the matching principle by ensuring all revenues and related expenses are recorded in the correct accounting period.
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