Adjusting Entries: Meaning and Purpose in Accounting
What is Adjusting Entries? Adjusting entries are made at the end of an accounting period after a trial balance is prepared to adjust the revenues and expenses for the period in which they occurred. Adjusting entries are necessary to get accurate and updated company records and the company follows the accrual method. (Under the Accrual […]
What is Trial Balance in Accounting?
What is Trial Balance? Trial Balance may be defined as a statement that contains balances of all ledger accounts on a particular date. In order to verify the accuracy of the ledger a/c, we prepare a trial balance. The trial balance is an internal document that lists any account in the general ledger which has […]