Asked by
Celia Rotondo
on Oct 16, 2024Verified
Adjusting entries always affect the cash account.
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to update income and expense accounts and ensure that the financial statements reflect the accrual basis of accounting.
Cash Account
A financial account that records cash transactions, including receipts and payments, showing the cash balance available at any given time.
- Comprehend the principle and objective behind making adjusting entries within the accounting framework.
Verified Answer
PG
Learning Objectives
- Comprehend the principle and objective behind making adjusting entries within the accounting framework.