Which statements are true for adjusting entries?
1
Adjusting entries, also called adjusting journal entries, are journal entries made at the end of the period to correct accounts before the financial statements are prepared.
2
Adjusting entries are most commonly used in accordance with the matching principle to match revenue and expenses in the period in which they occur.
3
Adjusting entries are made for accruals, deferrals, depreciation.
4
All of these