Adjusting journal entry
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Adjusting journal entry is any journal entry that are needed in order to update specific ledger accounts to reflect correct balances at the end of an accounting period.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Adjusting journal entry. Journal entries that are needed in order to update specific ledger accounts to reflect correct balances at the end of an accounting period.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
