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Explain three purposes of the adjusting entries at year end

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Reference no: EM132324757

Question

You need help with this question :

(a) Explain 3 purposes of the adjusting entries at year end.

(b) What are the consequences for failure to make adjusting entry for accrued expenses at the year end?

(c) Briefly explain the reason for providing provision for doubtful debts in a particular year.

(d) Identify TWO (2) differences between bad debts and allowance for doubtful debts.

Reference no: EM132324757

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