Essay question!!
I have a project about the Accounting Cycle due on this Wed. They will have 5 parts about Financial Statements, Trial Balances , General Ledger, General journal and Responses. I already did all the first 4 steps, but I am stock at Responses part. Would you mind to help me this part? That part is just like answer the questions.
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Accounting Response
Q1
Adjusting entries are made to enable the organization reach its financial goals by balancing and updating all the expenses and benefits accrued. Adjusting entries follows the concept of matching principle and accrual concept. Under the accrual concept income is only recognized at the time of earning regardless of the collection period while expenses are only recognized
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