ACC 502 Week 2 Discussion 1
The term “adjusting entries” refers to a very important step in the accounting cycle. Explain when, why,
and how the adjusting process is used. Provide an example to clarify your statements.
Adjusted entries are performed at the end of an accounting period (month, quarter, or year) in order to
update the accounts of the actual net income losses and revenues, as well as the company’s assets and
liabilities that occurred within that time period. In accrual-based accounting trial balances may not
The term “adjusting entries” refers to a very important step in the accounting cycle. Explain when, why,
and how the adjusting process is used. Provide an example to clarify your statements.
Adjusted entries are performed at the end of an accounting period (month, quarter, or year) in order to
update the accounts of the actual net income losses and revenues, as well as the company’s assets and
liabilities that occurred within that time period. In accrual-based accounting trial balances may not
