The main purpose of adjusting entries is to: Record external transactions and events Record internal transactions and events Recognize revenues received during the period Recognize expenses paid during the period Adjust assets to their market value examples are rent depreciation and insurance. Record external transactions and events. INCOME OMINEC : Unscramble: 14. EARNED DEERNA D. Recognize debts paid during the period. 3. The purpose of adjusting entries is to: a. update the balance in Common Stock. 1. C. Recognize assets purchased during the period. Adjusting entries, also called adjusting journal entries, are journal entries made at the end of a period to correct accounts before the financial statements are prepared. Recognize assets purchased during the period. Adjusting entries always involve a balance sheet account (Interest Payable, Prepaid Insurance, Accounts Receivable, etc.) The adjusting entries are passed so that the financial statement represents the true and fair view . Some events are not journalized on a daily basis, for example, the earning salary by the employees; Some costs are expired with the passage of time. D) recognize all of the above. Record external transactions and events. This is the fourth step in the accounting cycle. aiambot17|Points 92| User: Financial statements are typically prepared in the following … The main purpose of adjusting entries is to: A. User: The main purpose of adjusting entries is to Weegy: Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting.An adjusting journal entry is typically made just prior to issuing a company's financial statements. C) recognize the earned portion of services paid for in advance. The main purpose of adjusting entries is to: Correct errors. The purpose of adjusting entries is to show when money changed hands and to convert real-time entries to entries that reflect your accrual accounting. 13. ACCUMULATED DAMETUCAUCL : Unscramble: 15. The purpose of adjusting entries is to ensure that your financial statements will reflect accurate data. Each adjusting entry affects at least one _____ statement account. The purpose of adjusting entries is to: A) recognize revenue earned but not yet recorded. 2: Every adjusting entry involves the recognition of either revenue or B) recognize expenses incurred but not yet recorded. The examples of adjusting entries are outstanding expenses, prepaid expenses, etc The account credited in the adjusting entry for depreciation is _____ Depreciation. Recognize debts paid during the period. One purpose of adjusting entries is to report revenues in the accounting period in which they are _____. Record internal transactions and events. Importance of adjusting entries. Record internal transactions and events. Plus if any change made of the business transaction during the year the same is to be adjusted by passing the journal entries. 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