Question: You are the bookkeeper for a small but thriving business
You are the bookkeeper for a small but thriving business. You have asked the owner for the information you need to make adjusting entries for depreciation, supplies, insurance, and wages. He says that he’s really busy and that what you’ve done so far is “close enough.’’ Explain the need for adjusting entries and their effect on the owner’s balance sheet and the “bottom line’’ on the income statement.
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