Question: Q. 4 A worksheet is a permanent accounting record and its use is required in the accounting cycle. Do you agree? Explain. Why is it

use is required in the accounting cycle." Do you agree? Explain. Why

Q. 4 "A worksheet is a permanent accounting record and its use is required in the accounting cycle." Do you agree? Explain. Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet? Q. 5. Identify the account(s) debited and credited in each of the four closing entries, assuming the

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