Adjusting Entries

Adjusting Entries are journal entries usually made at the end of an accounting period to assign income and expenditure to the period in which they really occur. The revenue recognition principle is the basis of making adjusting entries that be appropriate to unearned and accrued revenues under accrual-basis accounting. They are sometimes called Balance Day adjustments because these are made on balance day.

Journal Proper

Journal Proper: Learning Objectives: Define and explain journal proper. When a journal proper is used? Definition and Explanation: Journal proper is book of original entry (simple journal) in which miscellaneous credit transactions which do not fit in any other books are recorded. It is