The purpose of adjusting entries is to:
A) balance the trial balance.
B) bring the business' revenue and expense account balances up to date and to show the correct ending balances in its asset and liability accounts.
C) close of all the general ledger accounts at the end of a period in preparation for the next period.
D) adjust errors.

Question

Quizplus · Accepted Answer

adjusting entries bring revenue and expense account balances up to date to show correct ending balances in asset and liability accounts

The Purpose of Adjusting Entries Is To