Quote:
|
Originally Posted by terplike An adjusting entry is simply an adjustment to a specific account(s) balance due to errors, missed postings, etc. |
Not true. Those are correcting entries, not adjusting entries.
Lizl, here's another post I made that has some general information about adjusting entries, I.e. Some basics of what they are about and why they are made.
http://www.askmehelpdesk.com/finance...ce-192929.html
For a bit more on closing, see this thread:
http://www.askmehelpdesk.com/finance...ts-188059.html