Question: Question 7 Why are adjusting entries necessary? To correct errors due to erroneous recording of journal entries To update amounts in retained earnings for activities

Question 7
Why are adjusting entries necessary?
To correct errors due to erroneous recording of journal entries
To update amounts in retained earnings for activities that occurred during the period
To update accounts due to resources used, amounts expired due to the passage of time, or amounts that may need to be recorded
To remove the balances of temporary accounts so that financial statements can be prepared
Question 7 Why are adjusting entries necessary? To correct errors due

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