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You have been hired as the Controller at Coastline, Inc. to prepare the monthly adjusting journal entries, if necessary, as part of the accounting cycle.

You have been hired as the Controller at Coastline, Inc. to prepare the monthly adjusting journal entries, if necessary, as part of the accounting cycle. Your junior accountant asks you to explain: Why adjusting journal entries are important / necessary in the accounting cycle process? What are the four categories of adjusting journal entries per U.S. GAAP?

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