Adjusting entries

42. Identify the four different types of adjusting entries. What is an accounting period?

Accrued earnings, accrued expenditures deferred income, accrued income, and deferred expenses are the four main adjustment entries. Accrued revenue is to sell a product but receive payment in the end of the period. Accrued revenue is recorded using an adjustment entry, which will increase the both accounts receivable and revenue by the total of the sale. The amount due to you by your customers is recorded on your receivables (Warren and co. 2020). There is an accumulated expense that you’ve already incurred but haven’t yet paid for it. When you record an accumulated cost an adjustment entry must be added to the appropriate pay account as well as to the appropriate expense account. The debts of third parties are recorded in your account for payables. If you receive payment ahead for the services that you are planning to offer later, it is referred to as unearned income or deferred revenue. A revenue account is charged with earned funds after the services are completed, and a non-earned revenue account is debited with the exact amount. If you’ve paid money beforehand for an expense you will not incur until a later date then you’ve got an unpaid, deferred or prepaid cost (Faccia and Mosteanu, 2019). The expense account that you have prepared decreases and the expense account is increased when the expense is paid for. There is a set period within which all accounting work are completed, tallied and reviewed. This time period is called the period of accounting. The weeks, months quarters, the years (calendar and fiscal) or even decades are all accounting time frames. Cont…

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