Describe how closing entries are made.
Describe how closing entries are made.
Give an example that shows that difference between the cash basis and the accrual basis of accounting.
Chapter 4
- Give an example that shows that difference between the cash basis and the accrual basis of accounting.
- Give an example of each of the four major types of adjusting entries.
- Describe the nature and purpose of the adjusted trial balance.
- Describe how closing entries are made.
- List the required steps in the accounting cycle.
Attachment below is student A and student B answers. Please rephrase their answers in own words.
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