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1. What is a prepaid expense and how is it reported in the Financial Statements? 2. What are two purposes for recording the closing journal

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1. What is a prepaid expense and how is it reported in the Financial Statements? 2. What are two purposes for recording the closing journal entries? 3. How is Unearned Revenue recorded on the Financial Statements? 4. What is the difference between Cash and Accrual Based Accounting? 5. What is the difference between an accrual and a deferral

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