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1. Adjusting Entries are necessary because of one accounting basis and two accounting principles. (a) What is the basis for adjusting entries and why
1. Adjusting Entries are necessary because of one accounting basis and two accounting principles. (a) What is the basis for adjusting entries and why does it make adjusting entries necessary. (b) What are the two priciples and why do they make the balance sheet and income statement more relevant. 2. The Ledger of the Day Company includes the following accounts. Briefly explain why each account may require an adjustment (adjusting entry). (a) Prepaid Insurance - (b) Building- (c) Unearned Revenue - (d) Salary Expense- (e) Interest Payable - 3. Each Adjusting entry involves 1 the account. account and 1 account, but never changes
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
