Question: 1. Why do we have to make Adjusting Entries? 2. How many types of adjusting entries exist? Which ones? 3. Why are adjusting entries so

1. Why do we have to make Adjusting Entries? 2. How many types of adjusting entries exist? Which ones? 3. Why are adjusting entries so important for the truthfulness of the information presented in the financial statements? 4. Explain what would happen to the income statement's accounts if the adjusting entries are omitted. 5. Explain what would happen to the balance sheet's accounts if the adjusting entries are omitted

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