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What is the difference between adjusting entries, correcting entries, and closing entries? Explain.

What is the difference between adjusting entries, correcting entries, and closing entries? Explain.

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Adjusting entries : Adjusting entries are journal entries that are made at period end to adjust the financial statements to be represented on accrual basis.

Correcting Entries : Correcting entries are the journal entries that are made to correct any error in recording and posting transactions.

Closing entries: Closing entries are the journal entries that are made at period end to close the temporary accounts to arrive net income and equity for the reporting period.

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