Explaining worksheet items [10 min]
Link Back to Chapter 3 (Adjusting Entries). Consider the following adjusting entries:
Requirement
1. State one reason why each of the previous adjusting entries were made.
Example: The explanation for journal entry a could be some of the Prepaid rent has expired. Another correct explanation would be the asset account Prepaid rent was overstated. A third correct explanation would be that Rent expense incurred was understated.
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