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1. Explain the difference between the accrual basis of accounting and the cash basis of accounting? Which basis is acceptable under U.S. GAAP? Explain. 2.
1. Explain the difference between the accrual basis of accounting and the cash basis of accounting? Which basis is acceptable under U.S. GAAP? Explain.
2. Why are adjusting journal entries made? When do companies make these entries?
3. What are closing entries? Describe the four closing entries and their effects.
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