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Accrual Accounting and the Percentage-of-Completion Method in Financial Accounting

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Accrual Accounting vs. Cash Basis Accounting

Revenue Recognition and Expense Recognition

Adjusting Entries: Accrued Revenues

Adjusting Entries: Accrued Expenses

Summary of Adjusting Entries

Unadjusted vs Adjusted Trial Balance

The Financial Statements

Closing Entries

Trial Balance