Describe the effect on the financial statements when an, Finance Basics

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Describe the effect on the financial statements when an

1. How is the amount for an interest expense (or interest revenue) adjustment determined?

2. Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.

3. On the basis of what you have learned about adjustments, why do you think that adjusting entries are made on the last day of the accounting period rather than at several earlier times during the accounting period?

4. What is the purpose of closing entries?

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