Plz write in your own text and don't copy answers that was answered before since my teacher has (Plagiarism checker) thank you at least 3-4 paragraphs

1. What is a prepaid expense? Why does a company have to make this adjustment? What other adjusting entries do a company need to make for a period before preparing financial statements?

2. Why it important to reconcile the bank statement? What are some of the items involved in the reconciliation process? What do you do when you find errors during reconciliation? What happens if you dont fix them? Name other accounts that can be reconciled.

at least 3-4 paragraphs at least 3-4 paragraphs