Asked by

Princess Luzelle Arbues
on Nov 14, 2024

verifed

Verified

Both correcting entries and adjusting entries always affect at least one balance sheet account and one income statement account.

Correcting Entries

Journal entries made to amend previously recorded transactions that were entered incorrectly.

Adjusting Entries

Journal entries made in preparation for financial statements to allocate income and expenses to the period in which they actually occurred.

Balance Sheet Account

An account found on the balance sheet which can include assets, liabilities, and equity accounts.

  • Acquire knowledge on the processes of adjusting, rectifying, and concluding entries.
verifed

Verified Answer

DI
Dejah IlooveYoouNov 21, 2024
Final Answer:
Get Full Answer