Adjusting Journal Entry
Adjusting journal entries can also refer to financial reporting that corrects a mistake made previously in the accounting period.
Also known as a "balance day adjustment."
An adjusting journal entry involves an income statement account (revenue or expense) along with a balance sheet account (asset or liability) and typically relates to the accounts for accrued expenses, accrued revenue, prepaid expenses and unearned revenue.
When used to correct a previous accounting mistake, an adjusting journal entry usually involves a credit to one account and a debit to another account.
Investment dictionary. Academic. 2012.
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