The following statement of shareholders' equity for the Q8 Corporation is missing explanations of the events that led to the changes in the shareholders' equity accounts. Write a brief explanation for each change.
Definitions:
Adjustments
Entries made in accounting records at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.
Account Balances
The amounts in financial accounts at a specific point in time, reflecting the difference between debits and credits.
Supplies Account
An account used in accounting to track the amount spent on supplies used within an organization.
Adjustment
Entries made in accounts to correct errors or allocate income and expenses to the correct accounting period.
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