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The video tutorial covers how to prepare adjusting entries for recording revenues in the period they are earned and expenses in the period they are incurred. Adjusting entries are made at the end of each accounting period to convert a company's records to the accrual basis. The main purpose is to match incomes and expenses to the appropriate periods. Each adjusting entry involves an income statement and a balance sheet account. Deferrals include prepaid expenses and unearned revenues, while accruals include accrued revenues and expenses. Prepaid expenses are paid in advance and recorded as assets, while unearned revenues are received in advance and recorded as liabilities. Accrued revenues are for services performed.
