Asked by Madelynn Kjenstad on May 01, 2024
Verified
Cash 450
Fees Earned 450
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries
Journal Entries
The method by which financial transactions are recorded in a company's accounting records; each entry typically includes a debit and a credit.
Adjusting Journal Entries
These are entries made in the accounting records to update the accounts for events that have occurred but have not yet been recorded.
Closing Journal Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.
- Understand the purpose and types of journal entries in accounting.
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ZK
Learning Objectives
- Understand the purpose and types of journal entries in accounting.