Accrual accounting requires a business to record revenues and expenses in the period in which they are earned or incurred, regardless of when payment occurs. When payment occurs on a date that is ...

At the end of every year or other accounting period, accounts dealing with inventory require some adjustments. The purpose of making these adjustments is to update account balances so that they ...

What is an Adjusting Journal Entry? an entry made at the end of an accounting period to document any unrealized income or expense during the period. Adjusting journal entries are made in the general ...