Adjusting entries

Double entries or journal entries made to record incomes and expenses of a financial period to which these incomes and expenses actually relate. These entries are made to allocate the revenues and expenses of a certain financial period based on accrual and matching concepts or principles i.e. revenues and incomes are accrued, that is, recognized as they earned or incurred (not as the money is paid or received)

Adjustment entries are made to record:

Prepaid/Paid in advance/Unexpired expenses 
Expenses that have been paid but not actually incurred

Outstanding/Accrued/Payable/unpaid Expenses 
Expenses that have been incurred but not actually paid

Unearned/Receive in advance incomes 
Incomes that is received but not actually earned

Accrued/Outstanding/Receivable incomes 
Incomes or revenues that is earned but not actually received