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Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared.
Required: Question 1: Identify the type of change.
Question 2: Record a journal entry necessary as a direct result of the change as well as any adjusting entry for 2021 related to the situation described. (Ignore income tax effects.)
AYB339 - Accountancy Capstone - Queensland University of Technology - Demonstrate and apply integrated discipline (including technical) knowledge across
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