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Why are adjusting entries needed? What are the four scenarios that lead to the four types of adjusting entries? What are the four financial statements,

  • Why are adjusting entries needed?
  • What are the four scenarios that lead to the four types of adjusting entries?
  • What are the four financial statements, and what does each of them convey about an organization?
  • What do closing entries do, and how do they work?

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