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Accounting (Text Only)
Does every adjusting entry affect net income for period? Explain.
Adjusting entries:
Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).
To explain: Whether the adjusting entry affects the net income or not.
All adjusting entries affect at least one income statement account, and one balance sheet account...
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