Summary of Some Major Adjustments in Ledger on Balance Day

Ledger adjustments for the following major adjustments on Balance Day:

Type of Ledger Adjustments Debit Credit Shown in Balance Sheet  As
Accruals or Accrued  Expenses Expenses Account Accrued Expenses account Current Liability
Prepayment or Prepaid Expenses Prepaid Expenses Account Expenses Account Current  Asset
Accrued Revenue Accrued Revenue Account Revenue Account Current Asset
Revenue Received in Advance Revenue Account Revenue Received in Advance Account Current Liability

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