Adjusting entries are important in ensuring that a company's financial statements accurately reflect its financial position and performance. They help align reported results with accounting standards like GAAP by recognizing expenses and revenues in the period they occur, regardless of cash flow timing.

This lecture video discusses adjusting entries and how to record them in the general journal. The concept of adjusting journal entries is covered extensively in your homework and the unit exams.

Ask yourself: Are you comfortable with the process of first entering the adjustments in the worksheet, then recording the adjustments in the general journal and finally posting the journal entry to the general ledger?
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