Correcting entries Correcting entries refer to entries to correct errors made in recording transactions. Unfortunately, errors may occur in the recording process.
Closing entries Closing entries referred as entries that made at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account...
Adjusting Entries In order for revenues and expenses to be reported in the correct period, companies make adjusting entries at the end of the accounting period. Adjusting entries ensure...
Definition
[ pl. ]