15. Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer...

15. Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer change if a work sheet was not prepared? Explain. (Appendix)