Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 4 - No. 49)
What is the purpose of adjusting entries?
a) To correct errors in the journal entries.
b) To update the accounts at the end of the accounting period to reflect accruals and deferrals.
c) To record the company's sales.
d) To summarize all the financial statements.
Explanation
To update accounts at the end of the period for accruals and deferrals.
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