Question: Pamela Turnbow owner of Turnbow Fashions Company notices the amount
Pamela Turnbow, owner of Turnbow Fashions Company, notices the amount of time it takes the company’s accountant to prepare closing entries. She suggests that the company could save time and money by not doing closing entries. She argues that only adjusting entries are needed to determine the company’s earnings. Explain the purposes of closing entries and why they are worth doing.
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