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ACC 3061 Unit 3 Assignment 1 Adjustments for Financial Reporting
Capella University
1. Describe the basic characteristics of cash basis and the accrual basis of accounting:
2. Which events during an accounting period trigger the recording of normal journal entries and which event triggers the making of adjusting entries? Please explain why adjusting entries are necessary at the end of an accounting period.
3. Give an example of an adjusting journal entry for each of the following transactions. Provide three correct responses:
4. Classify the following items as (a) prepaid expense, (b) unearned expense, (c) accrued revenue, or (d) accrued expense. Provide eight correct responses.
5. Describe the difference between depreciation expense and accumulated depreciation.
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