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Describe why the adjusting process is necessary and give an example of one of the...

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Question

Accounting

Describe why the adjusting process is necessary and give an example of one of the following 4 types of adjusting entries:

1) Prepaid expense

2) Unearned revenue

3) Accrued revenue

4) Accrued expense

Make sure to include which type of adjusting entry your are providing an example.

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