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1. Identify the two accrual and two deferral entries required during the adjusting process and name five of the accounts associated with accrual basis accounting.Explain

1. Identify the two accrual and two deferral entries required during the adjusting process and name five of the accounts associated with accrual basis accounting.Explain why the matching and revenue principles are important during the adjusting process

2. Identify the four closing entries required for every fiscal period. Why must these entries be made? Why is the post-closing trial balance made?

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