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The Accounting Process - Coggle Diagram
The Accounting Process
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Final Product
The process concludes with the presentation of financial statements, ensuring transparency, compliance, and informed decision-making.
Finally, the financial statements are audited and finalized, providing an accurate representation of the company’s financial position.
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Make adjusting Entries
Adjusting entries refine financial accuracy by accounting for accruals, deferrals, and other period-specific adjustments.
To correct the mistake, an adjusting entry is made by debiting Office Supplies for $500 and crediting Office Supplies Expense for $500.
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