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Adjusting Entries concept question! Adjusting entries are typically needed: To adjust the numbers reported for financial accounting purposed to those used for tax purposes As

Adjusting Entries concept question! image text in transcribed
Adjusting entries are typically needed: To adjust the numbers reported for financial accounting purposed to those used for tax purposes As a result of change in the underlying facts, such as the renegotiation of a labor contract To correct for errors in posting To account for the effect of the passage of time rather than of a specific transaction

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