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  • Chapter3-Class Exercises

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    Adjusting accounts is an important part of the accounting process. At the end of each accounting period, adjusting entries are made to update revenue, expense, and asset accounts to reflect economic activity for financial statements. Common adjusting entries include accruing interest, depreciating fixed assets, and recognizing prepaid expenses and unearned revenues to ensure the financial statements present an accurate picture of the company's performance and financial position.

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    Adjusting accounts is an important part of the accounting process. At the end of each accounting period, adjusting entries are made to update revenue, expense, and asset accounts to reflect economic activity for financial statements. Common adjusting entries include accruing interest, depreciating fixed assets, and recognizing prepaid expenses and unearned revenues to ensure the financial statements present an accurate picture of the company's performance and financial position.

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    6 views2 pages

    Chapter3-Class Exercises

    Uploaded by

    ghalia h
    Adjusting accounts is an important part of the accounting process. At the end of each accounting period, adjusting entries are made to update revenue, expense, and asset accounts to reflect economic activity for financial statements. Common adjusting entries include accruing interest, depreciating fixed assets, and recognizing prepaid expenses and unearned revenues to ensure the financial statements present an accurate picture of the company's performance and financial position.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Chapter 3 – Adjusting Accounts for Financial Statements- Class Exercises

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