Define the term "implicit transaction" and explain how these transactions are recorded in the financial records.In addition,list two of the four principal types of adjustments and give an example of each.
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Q1: Every adjusting entry affects one income statement
Q2: On October 1,Hurt Enterprises paid 4
Q3: Although it does not occur often,the Cash
Q4: Some explicit transactions (e.g.,the loss of assets
Q5: Implicit transactions are events such as cash
Q7: Which of the following is an example
Q8: An example of an adjusting entry is
A)cash
Q9: An example of an explicit transaction is
A)depreciation
Q10: The accountant uses adjusting entries to record
Q11: An example of an implicit transaction is
A)a
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