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Describe two typical adjusting entries

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Question - Describe two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. One of the adjusting entries should be an accrual and another a deferral.

-What are the purposes of each of example adjusting entries?

-Why are these adjusting entries required?

-What if the company does not record these adjusting entries? Would financial statement be accurate? Why or why not?

-Should the adjusting entries described be posted to the general ledger before preparing an adjusted trail balance? Why or why not?

Reference no: EM132915555

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