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Why do deferrals require adjusting entries

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What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals?
· Why do deferrals require adjusting entries?
· When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you?

Reference no: EM13674717

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