Adjusting entries are made at the of the accounting period, while daily transactions are made throughout the accounting period. (Enter one word per blank.)

Adjusting entries are made at the end of the accounting period, while daily transactions are made throughout the accounting period.

Explanation: Adjusting entries are necessary to ensure that the financial statements provide an accurate representation of the company's financial position at the end of the accounting period. These entries are typically related to accruals and deferrals, ensuring that expenses and revenues are recognized in the period they occur, regardless of when the cash is actually exchanged. Daily transactions, on the other hand, encompass all the operational activities of the business, which include sales, purchases, and invoices. These transactions are recorded continuously to maintain real-time insight into the company's financial activities, but they may not reflect the adjusted figures needed for an accurate financial statement until the end of the period when the adjusting entries are processed.