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Explain the Purpose of Adjusting Entries at the End of a Period

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Essay

Explain the purpose of adjusting entries at the end of a period and provide an example of an adjusting entry.


Definitions:

Csikszentmihalyi

A psychologist best known for his theory of flow, a state in which people are so involved in an activity that nothing else seems to matter.

Flow

The feeling of oneness with an activity that allows an individual to uniquely experience an event or activity by becoming totally engaged in the process; term was coined by Mihaly Csikszentmihalyi.

Work

The effort applied towards completing tasks or producing goods and services, often for compensation.

Arthur Koestler

A British-Hungarian writer known for works exploring the intersection of science, politics, and creativity, including the book "The Act of Creation."

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