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Describe at least typical adjusting entries a service-type

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Question 1: Describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date. For your examples, one of the adjusting entries should be an accrual and another a deferral. Be sure to address the following questions:

Problem 1: What are the purposes of each of your example adjusting entries?

Problem 2: Why are these adjusting entries required?

Problem 3: What if the company does not record these adjusting entries? Would financial statements be accurate? Why or why not?

Problem 4: Should the adjusting entries described be posted to the general ledger before preparing an adjusted trial balance? Why or why not?

Reference no: EM132472332

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