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Why are adjustments needed at end of an accounting period

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Reference no: EM133111426

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Q1. The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would be: Assets understated by $600; net income overstated by $600. Liabilities understated by $600; net income understated by $600. Liabilities overstated by $600; net income understated by $600. Liabilities overstated by $600; net income overstated by $600.

Q2. Would AT&T (T) and Microsoft (MSFT) use the cash basis or the accrual basis of accounting? Explain.

Q3. Why are adjustments needed at the end of an accounting period?

Q4. Describe the nature of the assets that compose the following sections of a balance sheet:

Balance Sheet:

Property, Plant, and Equipment:

Reference no: EM133111426

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