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What are the two basic categories of adjusting entries and why is it important to do adjusting entries at the end of a period? What

What are the two basic categories of adjusting entries and why is it important to do adjusting entries at the end of a period? What would happen if a company failed to do proper adjusting entries? Participate in follow-up discussion by providing an example of how a real company may use adjusting entries based on the post of the classmate you are responding to.

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