204.Identify the types of adjusting entries and explain the purpose of each type. 205.Explain how accounting adjustments affect financial statements and provide an example of an adjustment...

204.Identify the types of adjusting entries and explain the purpose of each type.

205.Explain how accounting adjustments affect financial statements and provide an example of an adjustment that would impact the statements if not recorded.

206.What is an adjusted trial balance? Why is it prepared?

207.Why are financial statements prepared in a specific order? What is the usual order in which financial statements are prepared from the adjusted trial balance?