Match the following terms with the appropriate definition.
-A journal entry made at the end of an accounting period to reflect a transaction or event that is not yet recorded; affects one or more income statement account and one or more balance sheet account,but never cash.
A)Adjusting entry
B)Unadjusted trial balance
C)Prepaid expenses
D)Natural business year
E)Accrued expenses
F)Adjusted trial balance
G)Report form balance sheet
H)Accounting period
I)Profit margin
J)Contra account

Question

Quizplus · Accepted Answer

Adjusting entries are made at the end of an accounting period to update the accounts for events that have occurred but are not yet recorded. They typically affect both income statement and balance sheet accounts but do not involve cash transactions.

Match the Following Terms with the Appropriate Definition