Response to the following questions:
1. Why is it necessary to make an adjustment if wages for work performed for the pay period Monday through Friday are paid on Friday and the accounting period ends on a Wednesday?
2. Define an internal transaction and provide an example.
3. What is the purpose of a work sheet?
4. What is the purpose of adjusting entries?
5. What is a mixed account? A contra account? Give an example of each.
6. Why is it necessary to journalize and post adjusting entries?
7. Define depreciation as it relates to a van you bought for your business.