The main purpose of adjusting entries is to: Multiple Choice Record external transactions and events. Record internal transactions and events. Recognize assets purchased during the period. Recognize debts paid during the period. Correct errors in the accounting records.

Record internal transactions and events.

Explanation:

The adjusting entries are passed so that the financial statement represents the true and fair view

Plus if any change made of the business transaction during the year the same is to be adjusted by passing the journal entries

The examples of adjusting entries are outstanding expenses, prepaid expenses, etc

Moreover, it records the company events and transaction i, e to be internal