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Adjusting entries in accountancy refer to journal entries made at the end of an accounting period to ensure that the company's financial statements are accurate and up to date.
All companies and individuals who follow accrual accounting principles are required to file adjusting entries in accountancy.
To fill out adjusting entries in accountancy, one must identify any unrecorded expenses or revenues, determine the appropriate accounts to adjust, and make the necessary journal entries.
The purpose of adjusting entries in accountancy is to ensure that the financial statements reflect the company's financial position accurately and to comply with accounting principles.
Adjusting entries in accountancy must include details of any unrecorded expenses or revenues, as well as the accounts affected and the monetary amounts.
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