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What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals?

What are adjusting entries and why are they necessary? 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? What accounts are subject to adjusting journal entries and why?

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Accruals or accrualtype adjusting entries involve both expenses and revenues and are associated with the first scenario mentioned in the introduction to this topic Nothing has been entered in the acco... blur-text-image

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