Examlex
Each adjusting entry will affect a balance sheet account.
Accounting Equation
Assets = Liabilities + Owner’s Equity.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, usually a fiscal quarter or year, to calculate net income.
Adjusting Entry
A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the correct period.
Net Income
The net earnings of a company, calculated by deducting all operating costs and taxes from the total income.
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