Question: Answer the following: (a)Explain why companies sometimes recognize deferral for prepaid expenses and deferred revenues. (b)Give an example of an adjusting entry to update each

Answer the following: (a)Explain why companies sometimes recognize deferral for prepaid expenses and deferred revenues. (b)Give an example of an adjusting entry to update each of these items at year-end (c )Explain why companies sometimes recognize accruals for accrued expenses and accrued revenues. (d)Give an example of an adjusting entry to record each of these items

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