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What are the two basic categories of adjusting entries

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Question 1. What are the two basic categories of adjusting entries? Provide two examples of each.

Question 2. What is a deferred expense? Provide an example

Question 3. What is the process of allocating the cost of a plant asset over its useful life called?

Question 4. What is a contra account? 5. In the recording of depreciation expense, which account is credited?

Question 6. What does accumulated depreciation represent?

Question 7. How is book value calculated, and what does it represent?

Question 8. What are the two rules to remember about adjusting entries?

Reference no: EM133554130

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