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This video tutorial demonstrates how to prepare adjusting entries to record revenues when they are earned and expenses when they are incurred at the end of each accounting period. Adjusting entries are crucial for converting a company's accounting records to the accrual basis of accounting to match incomes and expenses to the appropriate periods. Each adjusting entry involves one income statement account and one balance sheet account. Deferrals are divided into prepaid expenses (expenses paid in cash and recorded as assets) and unearned revenues (revenues received in cash and recorded as liabilities). Accruals are categorized as accrued revenues (revenues for services provided) and accrued expenses.
