Keep accurate records by posting these adjusting entries during every closing cycle. At a minimum review your supplies on hand for quarterly financial reports and at year's end.

You can make fewer adjusting entries by paying your expenses in the month they are incurred. This will prevent having to go into the next month and adjusting the payment to reflect the correct month.

Learn how to create common journal entries for accrued interest, including adjusting entries and delayed bond issues sold at par value.

An audit cycle is the accounting process auditors employ in the review of a company's financial information.