(Answered) Companies make adjusting entries

Finance

Problem: All companies make adjusting entries. Review http://phx.corporate-ir.net/External.File?&& answer the following questions:

Required:

Question 1: Find a line item listed on either the income statement or balance sheet that would indicate an adjusting entry and describe the entry.

Question 2: What do you think the effect would be on the company's financial statements if the adjustment was not made?

Be specific. Name the statement, the category or accounts, and whether it would have increased or decreased.

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