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Accrual and deferral are the basis for adjusting entries during closing. Distinguish between deferral and accrual and provide an example of balance sheet account for

Accrual and deferral are the basis for adjusting entries during closing. Distinguish between deferral and accrual and provide an example of balance sheet account for each of the following: (1) deferral in asset; (2) deferral in liability; (3) accrual in asset; and (4) accrual in liability.

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