Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

When you purchase supplies, you must enter their full cost in your accounting records. Over time, the supplies are used or discarded. If you use the accrual method of accounting, you must make an ...

Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...