Quality Heating Company has the following liabilities at year end:
a.Which of these accounts probably was/were created at the end of the fiscal year as a result of an accrual? Which probably was/were adjusted at year end? Explain your answer.
b.Which adjustments probably reduced net income? Which probably increased net income? Explain your answers.
Definitions:
Bundling
A business strategy that involves offering several products or services together as a combined package.
Wooden Board
A flat piece of wood, often used for construction, crafting, or as a cooking utensil.
Fully Dressed
The state of wearing complete attire appropriate for the occasion, leaving no part of the body indecently exposed.
Divorce
The legal dissolution of a marriage by a court or other competent body.
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