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What is the purpose of adjusting entries

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After trying to perform the accounting duties at Wildcat Pizza, April Longmeadow has decided to hire you as its new bookkeeper. Unfortunately, April has no idea how to properly record accounting transactions involving things like Bank Service Fees, Interest Expense, Prepaid Insurance, and Depreciation and she is worried that she may need to ask you do correct any errors that she may have made. She has heard about the need for adjusting journal entries, but she remains confused about what they are.

Prompt:

What is the purpose of adjusting entries. Why do adjusting entries involve both a balance sheet account and an income statement account?

Reference no: EM133205461

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