Question: Question 3 (20 marks) Prepare brief responses to only 5 of the following 6 questions, 1. Define 'accrual' accounting, and why is it better than

Question 3 (20 marks) Prepare brief responses to only 5 of

Question 3 (20 marks) Prepare brief responses to only 5 of the following 6 questions, 1. Define 'accrual' accounting, and why is it better than 'cash' accounting, Answer to 1 here: 2. Why are 'adjusting entries' needed? Answer to 2 here: 3. What is a 'contra account and why are they used? Answer to 3 here: 4. Why not make the following entry when recording bad debt expense for the period? Dr. Bad debt expense, Accounts receivable, Answer to 4 here: 1 13 3

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