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Identify the purposes and types of adjusting entries that an entity might make.

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Accounting

Identify the purposes and types of adjusting entries that anentity might make.

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Purpose of adjustment entries Adjustments entries can thought of as updation entries that are passed by the business to keep the accounts uptodate as on the last date of preparation of the financial statements This helps the business comply with the principles of accrual and matching It is common for businesses to have not recorded some of the income or expense items    See Answer
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