types of adjusting entries
accrued revenues - must be made when revenue is generated in one accounting period but is not recognized later
accrued expenses - account for expenses you generated in one period but paid for later
deferred revenues - when a client pays you in advance
prepaid expenses - you make a one-time advance payment
depreciation expenses - a single payment is made for an asset when it is depreciated, but the cost is spread out over multiple accounting periods
