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Describe the required adjusting entry for accrued expenses

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Question

1. When do prepayments occur? When do accruals occur?

2. Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the effect on net income, assets, liabilities, and stockholders' equity of not recording a required adjusting entry for prepayments?

3. Describe the required adjusting entry for accrued expenses and for accrued revenues. What is the effect on net income, assets, liabilities, and shareholders' equity of not recording a required adjusting entry for accruals?

Reference no: EM132381750

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