Question: Your uncle owns a small sole proprietorship. He does his own bookkeeping, although he didnt finish the chapter on closing entries before he opened his

Your uncle owns a small sole proprietorship. He does his own bookkeeping, although he didn’t finish the chapter on closing entries before he opened his business. He mentions to you that closing entries look like they take a long time. He wonders why he should bother to do them because all he really looks at is the checkbook. What would you say to convince him that closing entries are necessary?

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