Accrual basis of accounting makes sure that expenses are matched with the revenues earned in the same accounting period.Select one:TrueFalse

Correcting a journal entry is done at the end of the accounting period.Select one:TrueFalse

Adjusting entries, closing entries, and reversing entries are all done at the end of the accounting period.Select one:TrueFalse

All adjusting entries should be reversed at the start of the new accounting period.Select one:TrueFalse

ii.            Prepare the journal entry on the 18th October for the above transaction if the business uses the accrual basis of accounting system.

Prepare the journal entry on the 18th October for the above transaction if the business uses the accrual basis of accounting system.