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Why are adjusting entries important

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Adjusting entries are completed at the end of the accounting period to account for business transactions that have not been recorded. Accrual basis organizations have to complete these entries.

Problem 1: Identify 1 business transaction that would be considered an adjusting entry--what would the journal entry be to record this transaction? What affect would this journal entry have on your financial statement if it is not completed?

Problem 2: Why are adjusting entries important?

Reference no: EM132777712

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