Question: 1. Explain why a business needs the adjusting entries. 2. What is deferral adjusting transactions? 3. What is accrued adjusting transactions? 4. What are the

1. Explain why a business needs the adjusting entries. 2. What

1. Explain why a business needs the adjusting entries. 2. What is deferral adjusting transactions? 3. What is accrued adjusting transactions? 4. What are the differences between prepaid expenses and accrued expenses? 5. What are the differences between accrued revenue, and unearned revenue? 6. What are the differences between trial balance and adjusted trial balance? 7. What is interest receivable and interest payable

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