What is an unadjusted trial balance? What is an adjusted trial balance? Why accrue an expense? Why defer an expense? Why accrue revenues? Why defer revenues? What QBO task is used to record accruals and deferrals? Why depreciate a fixed asset? Describe the new method you learned in this chapter to add a new account from within a journal entry. Describe the method you learned in this chapter to add a customer to a transaction within a journal entry.

Ann and jack have been partners for several years. their​ firm, a​ & j tax​ preparation, has been very​ successful, as the pair agree on most​ business-related questions. one​ disagreement, however, concerns the legal form of their business. for the past two​ years, ann has tried to convince jack to incorporate. she believes that there is no downside to incorporating and sees only benefits. jack strongly​ disagrees; he thinks that the business should remain a partnership forever. ​ first, take​ ann's side, and explain the positive side to incorporating the business. ​ next, take​ jack's side, and state the advantages to remaining a partnership. ​ lastly, what information would you want if you were asked to make the decision for ann and​ jack? which of the following statements are the advantages of a partnership compared to a​ corporation? ​(choose all that​ apply.) a. less expensive to organize. b. ownership is readily transferable. c. lower income taxes. d. owners have limited liability. e. long life of firm.