Elance Exams Answers PDF file

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What is the purpose of an adjusting journal entry?

It is an interim step to evaluate if a compilation of journal acccounts such that Assets=Liabilities+Equity
The equivalent of balancing a check book for a business with their bank statements and cash accounts
A journal entry to move amounts from Temp. accounts to B/S or I/S accounts
To adjust account balances to reflect correct amounts under accrual-based accounting
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