Explain the difference between external events and internal events. Give an example of each type of event.
Answer to relevant QuestionsEach economic event or transaction will have a dual effect on financial position. Explain what is meant by this dual effect.Define adjusting entries and discuss their purpose.Explain the difference between the general ledger and a subsidiary ledger.If none of the adjusting journal entries prepared in BE 2–7 were made, would assets, liabilities, and shareholders' equity on the 12/31/11 balance sheet be higher or lower and by how much?Prepare the necessary adjusting ...Listed below are several terms and phrases associated with the accounting processing cycle. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.
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