In reviewing the accounts of Gloria Jean Co. at the end of the year, you discover that

Question:

In reviewing the accounts of Gloria Jean Co. at the end of the year, you discover that adjusting entries have not been made.

Instructions
Write a memo to Gloria Jean Hall, the owner of Gloria Jean Co. that explains the following: the nature and purpose of adjusting entries, why adjusting entries are needed, and the types of adjusting entries that may be made.