Question: At lunch, two bookkeepers got into a heated discussion about whether closing entries should be made before or after preparing the financial statements. They have

At lunch, two bookkeepers got into a heated discussion about whether closing entries should be made before or after preparing the financial statements. They have come to you to resolve this issue and have agreed to accept your position. Write a memo explaining the purpose of closing entries and whether they should be made before or after preparing the financial statements.

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The purposes of closing entries are listed below 1 To prepare temporary accounts revenue expense and ... View full answer

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