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Please show work and explain. thank you. Reguired: 1. In your own words, explain the reason why companies record adjusting entries? 2. Give one example

Please show work and explain. thank you.

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Reguired: 1. In your own words, explain the reason why companies record adjusting entries? 2. Give one example of a deferred revenue adjusting entry and one example of an accrued expenses adjusting entry {show the actual adjusting journal entries recorded). 3. For each example, state the reason why an adjusting entry is needed

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