Chapter 3 - 5 Prepare adjusting entries for deferrals. 6...

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After studying this chapter, you should be able to: 1 Explain the time period assumption. 2 Explain the accrual basis of accounting. 3 Explain the reasons for adjusting entries. 4 Identify the major types of adjusting entries.
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Unformatted text preview: 5 Prepare adjusting entries for deferrals. 6 Prepare adjusting entries for accruals. 7 Describe the nature and purpose of an adjusted trial balance....
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