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Accrual and deferral are the basis for adjusting entries during closing. Distinguish between deferral and...

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Accounting

Accrual and deferral are the basis for adjusting entries during closing. Distinguish between deferral and accrual and provide an example of balance sheet account for each of the following: (1) deferral in asset; (2) deferral in liability; (3) accrual in asset; and (4) accrual in liability.

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