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The existence of financial statements is one of the primary reasons accountants do what they do. Before financial statements can be prepared, certain adjustments to account balances must be made. Knowing why adjustments are made allows you to consider what adjustments must be made.
It is the end of the quarter for your business, and you and your business partner would like to prepare financial statements. Before creating the statements, you need to make some adjustments for some transactions that have started but are not yet finished.
Each adjusting entry affects a balance sheet account and an income statement account. For example, Adjusting Entries for Prepaid Assets or Fixed Assets involve decreasing the asset account and increasing the expense account. Adjusting entries are made in order properly follow GAAP.
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