Post a 200-300-word response to the following
#1 What are the financial statements? What information
does each one offer? How are they used to communicate financial health? Which
financial statement is most important? Why?
#2 Why are adjusting journal entries necessary? What
would be the effect if a corporation failed to journalize and post adjusting
#3 What is the difference between a prepaid expense and
an accrued expense? Provide an example.
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